- Chart of the Day: Bitcoin Bulls Seek to Regain Control:
Bitcoin price is trading just above $92,000 at the time of writing on Monday, as optimists look to maintain control over the trend. This rally is supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator on the daily chart shown on November 26. The green histogram bars are expanding above the zero line, supporting a bullish outlook.
The Relative Strength Index (RSI) on the same chart is at 48, indicating that bullish momentum is gradually increasing. A breakout of the RSI above the midline would reinforce the positive outlook, increasing the likelihood of a swing toward $100,000.
Daily chart for BTC/USDT
However, Bitcoin price remains stable below the 50-day Exponential Moving Average (EMA) at $97,238, the 100-day EMA at $102,593, and the 200-day EMA at $103,953, all of which could limit price rebounds. A reversal below $90,000 could accelerate the downtrend and test the short-term support level at $87,719, which was tested on Sunday.
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Before00zero
· 12-08 21:47
Bitcoin (BTC) is trading slightly above $92,000 at the time of writing on Monday, supported by improved market sentiment ahead of the Federal Reserve's monetary policy decision on Wednesday.
- Chart of the Day: Bitcoin Bulls Seek to Regain Control:
Bitcoin price is trading just above $92,000 at the time of writing on Monday, as optimists look to maintain control over the trend. This rally is supported by a buy signal from the Moving Average Convergence Divergence (MACD) indicator on the daily chart shown on November 26. The green histogram bars are expanding above the zero line, supporting a bullish outlook.
The Relative Strength Index (RSI) on the same chart is at 48, indicating that bullish momentum is gradually increasing. A breakout of the RSI above the midline would reinforce the positive outlook, increasing the likelihood of a swing toward $100,000.
Daily chart for BTC/USDT
However, Bitcoin price remains stable below the 50-day Exponential Moving Average (EMA) at $97,238, the 100-day EMA at $102,593, and the 200-day EMA at $103,953, all of which could limit price rebounds. A reversal below $90,000 could accelerate the downtrend and test the short-term support level at $87,719, which was tested on Sunday.