During today’s session the Bitcoin price has managed to reach the goal set at the beginning of last Monday. We had a bullish cross and BTC managed to break the resistance of the $ 3650 where we had mentioned that it was a point of entry with target in the $ 3800.
At this time we must be vigilant, avoid long entries as it is a point of profit taking so, if you did not manage to enter the $ 3650 it is best to wait for BTC to rise above $ 3870 with a target in $4000.
- Bitcoin breaks the $ 3650 upwards
- RSI is in overbought area
- Session dominated by bulls
Analyzing the BTC/USD chart in 4 hours, we can observe the bullish movement Bitcoin has made. We had mentioned that BTC was already taking a long time to react and that this could affect the price in a bearish movement; however BTC has increased in time attracting the attention of more investors.
Bitcoin manages to establish itself above the MA average of 200 periods, the volume with which broke the $ 3650 was quite good for what was worth the wait. We have had a cross between EMA 9/26 moving averages successful, allowing the price to move away from the fast moving average of 9 which indicates a possible continuity of the trend.
The main support is the $ 3650 and the resistance at $ 3800. I think BTC needs to exceed $ 3870 to have a new point of purchase, at least personally prefer to be cautious about the possible profit taking in the $ 3800 by other traders.
- Moving Averages EMA 9/26
- RSI (Relative strength index) 83%
- Support $ 6350
- $ 4000 resistance