Bitcoin hits pivot resistance and may be rolling over
The daily bitcoin chart (left side) is still positioned between the lower blue and red bands in its weak area. The cryptocurrency has hit the R2 pivot on its hourly chart (right side), where it found resistance. The price has reacted off this critical level, and our attention now turns to the EMAs. If they cross bearishly, they will follow the stochastic that has already been turned down (black ellipses) and potentially set up for further weakness. In this regard, the stochastic's position will be an important tell. A bearish momentum will build if it declines to 20 or under (blue arrow), adding pressure to the index.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.
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