Bitcoin Price Analysis: BTC Got Ahead Of Itself-CNBC’s Brian Kelly Turns Bearish
Brian Kelly is not convinced that Bitcoin has the strength to sustain another uptrend.
Bitcoin price reclaimed its support above $10,000 disapproving many analysts’ predictions that we are in a fore a freefall to $9,000 if not $7,500. The most popular cryptocurrency recently dived under $10,000 following a rejection at $11,000. Unlike the previous corrections, Bitcoin formed a low at $9,768 and managed to catapult itself above the critical $10,000.
Despite the correction, CNBC’s analyst Brian Kelly is not convinced that Bitcoin has the strength to sustain another uptrend. He argues that the fundamentals did not support the recent surge taking into account the decrease in the daily addresses.
#Bitcoin is back above $10k, but @BKBrianKelly is feeling a little bearish. Here’s why. pic.twitter.com/J5uf9ahq1x
— CNBC’s Fast Money (@CNBCFastMoney) August 22, 2019
Bitcoin Technical Picture
At press time, Bitcoin is trading at $10,147 in the hourly timeframe. The price is relatively bullish in spite of the correction from the intraday high of $10,255. It is clear that, it was an uphill task for Bitcoin to defend $10,200 as a support.
BTC/USD 1-hour Chart
BTC/USD price chart by tradingview
However, there is a gradual uptrend forming from the lows hit on August 22. At the same time, Bitcoin is supported by strong-term technicals. The Moving Average Convergence Divergence (MACD) has made a formidable stride into the positive region. In this case, traders need to be on the lookout for an impending positive divergence. The bullish divergence will signal stronger momentum with a potential to sustain gains above $10,200 ahead of the weekend sessions.
Another credible short-term bullish indicator is the trend observed in the Relative Strength Index (RSI). The RSI after holding onto the average at 50, it is making a shallow recovery north. This trend suggests that buying strength is available but BTC is being dragged back by the defiant selling influence.
Bitcoin Key Levels
Spot rate: $10,185
Relative Change: 77
The post Bitcoin Price Analysis: BTC Got Ahead Of Itself-CNBC’s Brian Kelly Turns Bearish appeared first on Coingape.