Bitcoin shows bic signs, but a low amount raises cautiously flags

Bitcoin recently flashed some key belts, but a low amount suggests that great traders are still careful.

Bitcoin finally shows some bulls. On Thursday, 18 April, Scott Melker, known as the wolf of all the streets with its many followers, pointed out that bitcoin (BTC) Closed above the 50-day simple average average with strong candle. While the price was corrected to $ 84,349, it is still above the 50-day level SMA from 84,202.

This action did not occur from 3. February, indicating a potential positive shift in swing. However, other indicators raise doubts. For one, while Bitcoin trades above the 50-day SMA level, it is still under the 50-day exponential moving average, which is at 85.328.

Low volumes mean bad news for bitcoin

The token pierced this level several times over the past week, but he could not stand the momentum. At the same time, Melker points out that the low trading volume suggests that customers remain reluctant to join the market.

For example, the volume of trading on the main exchange is 17. April amounted to about 8,000 BTCs, significantly descended from last week’s levels. 9. April, for example, the volume of trade at the main exchanges was about 26,000 BTCs.

This suggests that investors are probably waiting for positive macro news, which was missing in recent weeks. It is applicable that the current trade war with the main American partners is causing fears due to the potential economic recession. At the same time, the Federal Reserve is Slowly add supportFearing the American tariffs, especially in China, especially create domestic inflation.

In any case, Bitcoin will face resistance at $ 85,000, which corresponds to the long-term channel that descends during its January high time. And if the quantities continue to refuse, risks and resources risk at the middle line of the canal about $ 75,000.