Wild Weekend for Bitcoin Price? US Lockdown Loosens on Memorial Day
Bitcoin’s recovery to $10,000 is currently hindered by resistance at the 20-MA and with a holiday weekend coming up traders brace for volatility. In the United States, this weekend includes the Memorial Day holiday, meaning traditional markets will be closed on Monday and the crypto market will be left to its own devices.
Typically trading volume thins on weekends so sell btc to paypal usd investors who find time to step away from the family BBQ will be watching to see whether or not larger players exploit the market to push the price of the top-ranked asset on CoinMarketCap in a new direction.
In the 4-hour chart, we can see Bitcoin’s price marching along the gradient of the ascending channel trendline by painting higher lows. The price continues to meet resistance at the 20-MA of the Bollinger Band indicator but traders will also notice that there is a bull cross on the MACD and the indicator’s histogram has printed a green bar above 0.
The RSI is also below the neutral zone (50), currently angled downward at 45. In situations such as these, purchasing volume is the key signal to watch, and at the time of writing, both buy and sell volume have screeched to a halt. Volume typically precedes price so keeping a close eye on increases in buy or sell volume on the shorter timeframes will be the tell.
The neutral Doji candle also shows buyers and sellers in equal contention on the direction of the price and based on the current setup, Bitcoin could either drop to the lower Bollinger Band arm at $8,865 where there are likely to Automatic exchange bitcoin to paypal be buyers.
Alternatively, a surge above the 20-MA would allow the price to run to $9,600 by exploiting the VPVR volume gap created by the swift fall from $9,634 to $8,820 on May 21.