Market Today: Bitcoin Holding Above 6k

The market is showing some small recovery after a slump yesterday.

Bitcoin price is under pressure below $6200 and must stay above the $6000 support to avoid further losses in the near term.

The pair remains at a risk of a downside break below $6000 if it fails to move above $6200.

Overnight, MACD, went up to the overbought section, indicating exhausted buyers. RSI is still poised up though and above 50. The last hour is forming a reversal on the Heikin Ashi Candle but there is still no sell print on our arrows.

Here’s a better picture on the 4 Hour Chart.

Market News:

There’s really nothing significant that might affect the market. The only one on note is Facebook announcing that they will now allow crypto ads back after saying last January that they’re banning crypto. Speculators are wondering why and people are saying that finally, Facebook realizes that Crypto is going nowhere and they might as well take advantage of it since Facebook ads has not been receiving a lot of love lately.

Except EOS. I forgot EOS. Interestingly EOS pumped last night after a comment from Dan Larrimer that they might as well redo the EOS constitution. Day traders might still be able to profit but I’d be cautious.

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