Cryptocurrency Market Cap more stable as it moves slightly by -0.14% to $147.05B in 24 hours. The Kryptoin NAV is down more significantly by -2.61% to $31.36 as Bitcoin Cash continues its downward spiral by another -5.67% during the same time frame.
$4.6K: Bitcoin’s Price Revival Has a New Target
Bitcoin’s (BTC) stalled recovery rally could kick off again if prices manage to beat new resistance above $4,600.
The leading cryptocurrency by market valuation picked up a bid after hitting 14-month lows near $4,000 on Wednesday, possibly due to record oversold conditions reported by the 14-day relative strength index (RSI).
The corrective rally, however, seems to have run out of steam as the cryptocurrency is currently trading at $4,460 on Bitstamp — down 3.78 percent from the high of $4,635 seen yesterday.
That said, the probability of a fresh sell-off is low, as the RSI on both the daily and 3-day charts is still reporting oversold conditions.
Meanwhile, the odds of BTC extending the recovery rally would improve substantially if prices clear $6,435 — the high of yesterday’s “bullish inside-day” candle — a widely followed pattern that represents an indecisive market.
Godbole, O. (2018). $4.6K: Bitcoin’s Price Revival Has a New Target — CoinDesk. [online] [Accessed 22 Nov. 2018].
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