Bitcoin Bullish Hammer, Will It Hold?
#Bitcoin has more than doubled in value over the last month, and risen over 30% in 2021 so far. While some bitcoin investors want to take profits off the table now as the price balloons, many investors who haven't bought in yet are waiting for a correction so they can buy it at a cheaper price.
Bitcoin closed down -1,049.598 at 37,545.301. Volume was 20% below average (neutral) and Bollinger Bands were 268% wider than normal.
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
Bitcoin is currently 154.2% above its 200-period moving average and is in an upward trend.
Volatility is extremely high when compared to the average volatility over the last 10 periods.
There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume into Bitcoin (mildly bullish).
Our trend forecasting oscillators are currently bullish on Bitcoin and have had this outlook for the last 26 periods.
Our momentum oscillator is currently indicating that Bitcoin is currently in an overbought condition.
Overall, the bias in prices is: Upwards.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles.
During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.
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