Bitcoin, Monero, Dogecoin Price Analysis: 17 October – AMBCrypto EnglishOctober 17, 2020
The Crypto Fear and Greed Index stood at 56 as Bitcoin held onto the $11,300 price level. The narrative of “Bitcoin is a hedge against inflation” was just one of many reasons that giants in the financial services sector or other investors acquired Bitcoin. Bitcoin serving no “singular” purpose, but multiple ones were bullish for the coin in the long term. On the charts, Bitcoin was moving sideways once more while Monero was in a corrective phase. Dogecoin clung to a level of support in the face of selling pressure.
Bitcoin had formed a symmetrical triangle (white) and broken out of the pattern to the upside. But a bearish divergence was spotted as Bitcoin attempted to head north of $11,600.
Shown in orange, the price made higher highs as the momentum indicator (RSI) made lower highs. This showed that the bullish momentum had lost steam and BTC would be forced to drop.
Bitcoin was forced as low as $11,200 before recovery. The $11,300 and $10,800 are important levels of support for the asset. A break above $11,600 would mean bulls were strong in the market.
Another thing to keep an eye on would be if RSI broke upwards past the descending trendline (orange). This could accompany a BTC move upward.