Is it the end of bearish season? The truth is that the Bitcoin price has managed to keep its bullish momentum above $ 3600.
During yesterday’s session, BTC increased more than ten percent, thus recovering a significant fraction of the market’s loss as well as stopping the constant fall. Obviously this type of movement has not yet rescued the BTC from the bearish area which has been experienced since the beginning of 2018.
- Bitcoin keeps its price above 43600
- The market takes a positive momentum
- Alright as long as it does not break $ 3600 down
Analyzing the BTC/USD chart in 1-hour time, we can see how Bitcoin has managed to hold the price above the 9-period moving average. Although the strength of the impulse has decreased this could be classified as “normal” since the pullback is always evident after these bullish movements.
What you need to keep in mind is the importance of the $ 3600. We need BTC to continue above this price line to maintain investor optimism. The RSI remains outside the overbought area at 70% which does not give a good signal of a possible new momentum which can take us to the next resistance at $ 3800.
At this time, my strategy is based on buy if BTC manages to increase above $ 3665 taking into account that, the RSI remains above 50%.
- Moving Averages EMA 9/26
- RSI (relative strength index) 67%
- $ 3600 support
- $ 3800 resistance