Bitcoin signals: Bitcoin market is flooded with offers and buyers still not rising, next bounce to $ 10,150

In the last forecast it was pointed out that if the escape of the triangle figure was bearish, we would see the Bitcoin prices in the area of ​​7,500 dollars, from the area of ​​15,000 dollars.

The wave of sales of cryptocurrencies was accentuated this week, because on Monday the interest rates of Treasury Bonds were increased, the arrival of a new president of the Federal Reserve of the United States, Jerome Powell, assumes in the markets after the rise in the mentioned rates, that the interest rates of the dollar are increased, which produced demand for dollars and sale of positions in Bitcoin and alternative cryptocurrencies.

Since December 17 of last year, Bitcoin entered a bearish trend that has not been able to reverse. It is a bearish channel in which the decline has been sustained until reaching prices of $ 6,400. In this price zone the cryptocurrency is over sold in daily chart operations, the relative strength marker is at an index of 29.02 points, which points to good prices or supply.

On the side of the "bears", these have kept the market dominated but they begin to notice the exhaustion of their selling positions, in the profit taking from the 19,850 dollars of last December, when the index of the bears was in 3,066 against the current one at -3,526, which means that the market runs out of vendors. However, the "bulls", which tried to take control of the market at the beginning of January, did not have the strength to push higher than the $ 17,231 last January 7 and fell back very strongly until the reported fall.

Although there are no confirmed signs of purchase, and although the bears have lost strength, the bulls still do not enter hoping perhaps better opportunities, according to daily support at $ 4,825 in daily charts. The current price is attractive and will undoubtedly attract the "bulls", there will be a rebound to the area of ​​$ 10,150 in coming days.

Prices are referenced with the WEX.nz platform

Forecast date: February 6, 2018

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