Bitcoin [BTC] Price Indicator Closes in on Exit Signal for Short Orders

By Nivesh Rustgi
Published November 20, 2019 Updated November 20, 2019
Best Buy In

Exchanges

Sportsbook

Wallet

bitcoin-reserve-indicator
Image Source: Shutterstock

Bitcoin [BTC] Price Indicator Closes in on Exit Signal for Short Orders

By Nivesh Rustgi
Published November 20, 2019 Updated November 20, 2019

Bitcoin [BTC] bears seem to have failed at another strong attempt of a break below $8000. A reversal on shorter time frames brings some relief for the bulls.

advertisement

According to TA, Bitcoin has been in a bear market for the second half of 2019. The surprising 35% surge showcased promised for a reversal, but the bears remain in control. The continuation of the bearish channel is a strong indicator of the trend.

btcusd
BTC/USD 1-Day Chart on Bitstamp (TradingView)

The price of Bitcoin [BTC] at 5: 00 hours UTC on 20th November 2019 is $8091. It is trading at par on a daily scale.

bitcoin rsi signal
BTC/USD 4-Hour Chart on Bitstamp (TradngView)

The Relative Strength Index is used to estimate market sentiments during specific trends. On the 4-hour chart, the RSI is attempting to break above the threshold at 30 in an upward direction. A break could signal an ‘exit’ for the short orders.

Traders Hopefull of a Bullish Action

Bitcoin markets are more inclined towards longs.

The funding and premium rates at BitMEX slid close to a reversal as Bitcoin attempted to break below $8000. Nevertheless, it is still only slightly positive with 52.4% short inclination.

On Okex and Bitfinex, the traders continue to hold larger proportions of long orders. However, the sentiments seem to be shifting as fear creeps in the market.

Bitcoin trader and chart analyst, Zoran Kole thinks that the bear capitulation is not far away. While he perceives further chopping towards $7,500, he sees a bullish reversal soon as well. He tweeted,

I want to smell the fear all the way down to 7.6k. The more bearish CT sentiment gets, the more confident I am in being a contrarian. $BTC Capitulation.exe coming soon… #crypto

btc fear and greed
Bitcoin [BTC] Fear and Greed Index (Source)
The fear and greed index on Bitcoin is trending downwards which makes another low at swing law at 32. Hence, the bulls are beginning to lose confidence, around 20 the index would reach its threshold.

Do you think traders will get the reversal or the bearish trend will continue? Please share your views with us. 

advertisement
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Loading Next Story