Bitcoin Price and Volume Trend is Still Down
At this point the Bitcoin price has made a decent recovery from past couple of days where price dropped to the mid-$550's. However, looking at the chart the Bitcoin price and volume trends from June are still down. While the price in relation to the Keltner Channels and moving averages did not behave as I thought, I believe they will still exert influence on the price.
For example, the price could go to the top, or perhaps even above the Keltner Channels - somewhere just North of $620. But, then, around the $630 level it runs into price resistance represented by the green line. A similar picture is painted by On Balance Volume (OBV) which correlates with price uptrends and downtrends. OBV had a nice little uptick, but it is not that far from the resistance represented by the red line.
Not pictured on this chart is the KDJ indicator. Earlier today when the price advanced past $600 the "J" part of the indicator moved above the 100 level. "J" can move above 100 and below 0. This can lead to dramatically higher or lower prices, but it also is a good indication right now of the price becoming overstretched.
There is significant price resistance from $620 all the way up to $680. Weekly technical indicators are bearish, and neither price nor volume have broken through overhead resistance. So, for now, I will sit tight and wait to see what happens.
For example, the price could go to the top, or perhaps even above the Keltner Channels - somewhere just North of $620. But, then, around the $630 level it runs into price resistance represented by the green line. A similar picture is painted by On Balance Volume (OBV) which correlates with price uptrends and downtrends. OBV had a nice little uptick, but it is not that far from the resistance represented by the red line.
Not pictured on this chart is the KDJ indicator. Earlier today when the price advanced past $600 the "J" part of the indicator moved above the 100 level. "J" can move above 100 and below 0. This can lead to dramatically higher or lower prices, but it also is a good indication right now of the price becoming overstretched.
There is significant price resistance from $620 all the way up to $680. Weekly technical indicators are bearish, and neither price nor volume have broken through overhead resistance. So, for now, I will sit tight and wait to see what happens.
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