Thanksgiving Made Bitcoin Trading Slow but It Is Set to Gain Momentum

Thanksgiving Made Bitcoin Trading Slow but It Is Set to Gain Momentum

Bitcoin is still going strong even on holidays.

The currency has raised to an all-time high, commanding $8,300 a unit and has stabilized its price between the $8,000 and $8,300 mark. By the time of the publication of this data, the Bitcoin/U.S dollar exchange rate has been levelled at $8,160 with a depreciation of nearly 1% in the last 24 hours according to CoinMarketCap.

The slow trade might be in part due to the Thanksgiving holiday in the U.S and Japan. The additional worries about the financial future of Bitfinex are a possible source of influence too. These concerns, however, are not on the side of investors as is rather affecting the race for recovery for Bitcoin Cash (BCH) and Ethereum (ETH) against Bitcoin. The rumour mill on social media is that most investors are expecting Bitcoin to suffer a dent as other cryptocurrencies try to gain momentum in the market.

In near future, the price behaviour analysis for Bitcoin is setting up a healthy withdrawal, even with a non-stop market and enthusiasts aiming for a closing price of $10,000 before the year’s end.

4-hour behaviour chart

This chart shows:

  •         An upward route presented by the higher and lower points on the price, along with the lowest tops on the RSI (meaning a blunt disparity).
  •         The 50-MA and 100-MA are fixed up in favour of a hidden impulse. This could be a sign of a withdrawal that won’t last for long.

Overview

A breaking point under the upward route of support to $8,020 could mean a withdrawal that goes down as low as $7,600. A loss beyond that point is very unlikely as the 10-day MA ($7,800) is fixed in favour of further impulse. In a best-case scenario, there will be a rebound from the route support and it will come with a price hike over the $8,300 mark going straight to $8,550 is there is upward route resistance.