Bitcoin was up to its trademark tricks late on Friday and early into Saturday with some particularly volatile moves. We take a look at the action and what it may mean moving into the weekly close.
Bitcoin (BTC) has been trading the week within a $200 range with lows of $3700 established on Monday and highs of $3900 tested on Wednesday. Since then, the bulls have been peppering the upper $3800 range and have looked, generally, in control of the price action.
4 Hour Chart
Late on Friday, the bears smacked the price back down to just beyond the middle of the week’s range, finding a low of £3760 (-3.5 percent), which was bought back up — pushing the price to new weekly highs. This sort of unusual price action tends to occur preceding a more definitive move.
The four-hour MACD is currently crossed bullish and trending above zero, which is in confluence with the stochastic RSI — which is also turned bullish. Combined with the general trend for the week being upward, the evidence at face value favors the bulls going into…