Here is the quick Monfex market analysis update
Trend analysis
Bitcoin recorded a new low with a HAMMER candlestick. This could mean it is ready for a reversal. Since the HAMMER, there has been a steady increase in the Bitcoin price. While the fast EMA (200) is still above the price we may be getting ready to see a bullish price crossover.
The RSI is headed towards the oversold territory. The price of BTC has recorded a lower low while the RSI is recording higher lows. This means Bitcoin is gaining momentum and if the volume increases, we may be headed towards a strong upward trend.
What To Consider
With several bullish signals forming, it looks like now is gaining momentum. If the price reaches past $10,200 (short term resistance) we may be in for another bull run.
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