Bitcoin is consolidating and building a flag. As expected in our previous price analysis – Bitcoin needed 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
SPECIAL OFFER (Sponsored)
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
