The last days saw Bitcoin trading under a tight range of 0, between 00 and 00.The good news is that Bitcoin is finally trading above the confluence zone of 00 – 00, along with the 4-hour MA-50, which was mentioned here more than once.Besides, the RSI is showing strength due to the negative divergence shown on both the following charts.However, Bitcoin is now facing a critical decision as the coin reaching a mid-term descending trend-line. This can be seen on both the following 4-hour and the 1-day charts. The decision is also reflected on the daily RSI, which is facing the critical 45-resistance resistance line.For almost a month, Bitcoin 1-day’s RSI couldn’t breach the 45 levels. As the weekend ends, and a new week starts, we can expect a volatile Monday ahead of us.Total
Topics:
Yuval Gov considers the following as important: Bitcoin Prediction, bitcoin price, BTC, BTCanalysis
This could be interesting, too:
Bena Ilyas writes Stablecoin Transactions Constitute 43% of Sub-Saharan Africa’s Volume
Bena Ilyas writes CleanSpark CEO Forecasts Bitcoin’s 0,000 Peak in 18 Months
Godfrey Benjamin writes Digital Asset Investment Products Print Record Inflow of .2B
Steve Muchoki writes Ethereum (ETH) Price Suffers Low Bullish Momentum amid Shrinking Demand for Whale Investors
The last days saw Bitcoin trading under a tight range of $300, between $7300 and $7600.
The good news is that Bitcoin is finally trading above the confluence zone of $7300 – $7400, along with the 4-hour MA-50, which was mentioned here more than once.
Besides, the RSI is showing strength due to the negative divergence shown on both the following charts.
However, Bitcoin is now facing a critical decision as the coin reaching a mid-term descending trend-line. This can be seen on both the following 4-hour and the 1-day charts. The decision is also reflected on the daily RSI, which is facing the critical 45-resistance resistance line.
For almost a month, Bitcoin 1-day’s RSI couldn’t breach the 45 levels. As the weekend ends, and a new week starts, we can expect a volatile Monday ahead of us.
Total Market Cap: $205 billion
Bitcoin Market Cap: $136.8 billion
BTC Dominance Index: 66.7%
*Data by CoinGecko
Key Levels to Watch
– Support/Resistance: As mentioned above, Bitcoin is now facing the descending trend-line resistance. The next level is the $7700 – $7800 horizontal resistance. If Bitcoin can make it, further above lies $8000 and $8300.
From below, the first support is the 4-hour’s MA-50 line, marked by a pink line, along with horizontal support of $7300 – $7400, and an ascending trend-line on the 4-hour chart. Further below is the $7000 support, $6800, and the 6-month low around $6500.
– The RSI Indicator: As discussed above.
– Trading volume: Bitcoin had seen four consecutive days of a declining trading volume. This is another sign of a coming-up price move in the short-term.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
