On Friday, Bitcoin is facing a minor corrective ascend, although the bulls might have a tough time struggling to regain control, as follows from the technical charts.
As CoinDesk states, Bitcoin Price Index headed south to $9,592.96, thus demonstrating the lowest value for one week.
That’s worth noting that the global average price provided by CoinMarketCap is holding approximately y$200 higher. On Korean exchanges such as Bithumb, Ppbit and Coinone, it fluctuated near $11,000. As for Western exchanges, the world’s number one crypto asset approached $10,000.
The popular digital currency has edged down by approximately 1,86% for the last 24 hours, as CoinMarketCap informed.
So, it feels like a relief soar has picked up pace. The given move was gauged by the bullish relative strength index divergence observed on the chart.
BTC seems to have stuck inside a diving channel, generating lower peaks and minimums. However, the RSI keeps diverging in favor of the bulls. Therefore the corrective surge could be stretched further towards $10,250.
As many financial experts point out, only a daily move overleaping $11,228 would drop a hint at a revival of the soar from February 6 minimums below $6,000.
Aside from that, the odds are stacked versus the bulls as, and considering the backdrop of the bearish potential reversal as it’s seen on the daily chart, the crypto asset will most probably extend its dive towards $8,800.
In addition to this, as follows from the chart provided, the 50-hour moving average as well as 100-hour MA, not to mention 200-hour MA – all have topped out definitely lending support to the bears. Moreover, the chart also uncovered a bearish 50-hour MA as well as 200-hour MA crossover, to say nothing of a bearish 50-hour MA along with 100-hour MA crossover.