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Market indicators point to a short squeeze for Bitcoin, moving averages point to a Buy sentiment

By September 13, 20232 minute read

Market data for Bitcoin indicates a ‘short squeeze’ which could be responsible for the price increase of the token in the last 24 hours. Ethereum faced a similar situation which increased the price of the token by 2.61% in the last 24 hours.

The decreasing surface area of the Bollinger Bands for Bitcoin in the last 24 hours shows decreasing volatility for the token as compared to last week’s levels. 

If the CPI data, which is due today, stands on the lower side, the rate hikes by the Federal Reserve could see some relief.

The Exponential Moving Average for 10-day EMA indicates “Buy” at 25858 and 200-day EMA indicates “Sell” at 27005. The Simple Moving Average for 10-day SMA indicates “Buy” at 25817 and 200-day SMA indicates “Sell” at 27655. 

The Ichimoku Base Line, valued at 26531, continues to be neutral. The Hull Moving Average indicates “Buy” at 25592. The Volume Weighted Moving Average indicates “Sell” at 26245. 

The Relative Strength Index (14) sits at 44, with a neutral outlook. The Stochastic %K (14, 3, 3) at 26 and the Average Directional Index (14) at 21 indicate a Neutral outlook. 

The MACD Level (12, 26), at -470, indicates “Buy”. The Stochastic RSI Fast (3, 3, 14, 14) is “Neutral” at 55 and William’s Percentage indicates a “Buy” sentiment at -61.

As of 10:00 AM, 13th September 2023, on WazirX, Bitcoin’s current price is ₹22,50,000. There was a 0.01% decrease in its price in the last 24 hours. In the past 7 days, Bitcoin is up by 0.61%.

Ethereum (ETH) is trading at ₹1,38,002, with a decrease of 0.02% in the last 24 hours. The 7-day ETH is down by 2.64%.

The top gainers on WazirX include Hifi Finance (HIFI), dYdX (DYDX), Yearn Finance (YFI), and with price increases of 32.76%, 14.37%, and 10.43%, respectively.

However, the tokens that underperformed comprised Worldcoin (WLD), Band Protocol (BAND), and Stellar (XLM), with a price decrease of 8.86%, 8.78%, and 8.19%, respectively.

Shiba Inu (SHIB) saw a price decrease of 0.31% and is now priced at ₹0.000636. Dogecoin (DOGE) saw a decrease of 1.85% and is now priced at ₹5.30

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
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