Since our previous price analysis, not much has changed. The overall picture is that Bitcoin is still between the $6400 – $6600 range. Here are the keys:
- Over the last few hours Bitcoin re-tested (after 48 hours) the critical support level of $6400 with a low of $6381 – the 50 day moving average line, which is marked in purple.
- The RSI indicator is at its low levels, which points to the market being oversold.
- Trading volume is still pretty low, most likely because it is the weekend.
- Bitcoin is still inside the range of the two significant moving average lines: From the top there is the pink 200 day moving average line, and from the bottom the purple 50 day moving average line. If Bitcoin can break out of this range it will likely produce a major move in that direction.
- As mentioned, resistance levels lie at $6600, $6800 (weak) and $7000 (strong).
- Support levels lie at $6400, $6300, $6100 before the critic level at $6000.
- BTC shorts amount on BitFinex has been increased over the past 24 hours.
Like we stated before, the bullish movement is considered a correction to the recent bearish sentiment, unless the $7400 high that was reached a week ago is broken.
Bitcoin Prices: BTC/USD BitFinex 4 Hours chart
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.
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