Bitcoin, Dash, FTX token Price Analysis: 6 September

  • 06 October 2020, Tuesday, 17:06
Bitcoin, Dash, FTX token Price Analysis: 6 September
Source: Pixabay

Bitcoin is once again testing the $10,700 level of resistance after witnessing a 0.8% drop in the afternoon session. However, with an overall upward trend maintained another price surge could be expected.

Dash maintained a neutral view, as consolidation possibilities became clearer from its technical indicators that may hold true for the next few days. In the case of FTX Token, a drop below its current support level seemed likely, strengthening the selling pressure.

Source: BTC/USD on TradingView

Bitcoin was maintaining an upward price trend, with a possibility of a reversal at the pivot level of $ 10,700. Its Parabolic SAR was below the price candles signaling the cryptocurrency was heading towards a continued uptrend, however facing stiff resistance at $10,806.84 level.

The Chaikin Money Flow indicator (CMF) rose above the zero line after dipping for the first time since the start of October.

This was a sign that the capital coming into the Bitcoin market was more than the capital leaving the market. And as mentioned earlier, the capital inflow may induce a buying sentiment as the price of Bitcoin further starts to rise from the current pivot level of $ 10,806.84

In other news, Bloomberg analyst Mike McGlone has predicted that the price of Bitcoin will hit $100,000 by 2025. McGlone premised his argument on past bitcoin trends, and on the basis of demand and adoption increase as per the supporting report.

Source: DASH/USD on TradingVIew

The last traded price of DASH at press time was $ 66.14, the digital asset was in a downtrend and was hovering just above its immediate support level of $ 64.30

The Relative Strength Index (RSI) has also seen a short decline in levels, and at press time was below the neutral level, indicating just a hint of selling pressure.

Drawing inferences from another technical indicator, the convergence of Bollinger Bands also suggested a fall in volatility.

For DASH there exists a weak probability for a fresh medium-term trend to continue, after the week-long consolidation of prices just above its immediate support level, and may be seen in the range between $ 65-66 over the next few days.

Source: BTC/USD on TradingVIew

The current price levels were also marked by a low level of market volatility, as per the indications from the Average True Range, which is currently near the bottom.

The correction can, however, also evolve into a further downtrend, as the Awesome oscillator indicated a neutral market momentum, with the short-term prices trending lower than the long term.

The current levels of volatility however were not strong enough to push the prices into a bullish zone, and a retest of the immediate support level at $ 3.48 could further lead to the current scenario turning bearish.