Bitcoin is consolidating and building a flag. As expected in our previous price analysis – Bitcoin needed a little correction and retested $6250. From here, breaking the resistance at $6400 might send Bitcoin to retest $6600 and $6800 (MA-200, strong resistance level). From the bear side, $6200 and $6000 are support levels to look on.
Some positive signs we have seen in the recent days (marked in yellow circles on the chart):
- OBV, which indicates about money entering the market, has changed from continuous decline to a slow steady grow
- RSI is at its low, market is oversold
- Huge buyers volume of the greens candles we have seen two days ago (the break of the descending line)
From the other side, a mysterious transaction of 85K Bitcoin (550M USD) to a hot wallet. Rumors of a Chinese whale who is looking to sell his stuck. But, just rumors to keep an eye on.
BTC/USD BitFinex 4 Hours chart
Cryptocurrency charts by TradingView
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