During today’s session Bitcoin price reports stability after breaking the resistance at $ 3800 and consolidating the price on that price. We can notice how the price still does not touch the fast moving average of 9 periods, which gives us a signal of possible continuity of trend.
The buying volume continues to be interesting while, the RSI remains above 70%, all this in a 4 hour chart. Also, if we observe the movement of BTC in a 1-day chart, we can appreciate how the bullish sentiment is still very strong.
- Bullish sentiment remains in the market
- BTC still does not touch the fast moving average
- BTC could go to find the next target at $ 4200
Keep in mind that, to continue with the current market sentiment there is a good chance that BTC will touch the $ 4200 so a point of purchase would be interesting after BTC manages to break the $ 350 – $ 4000 by placing a target at $ 4200. However, you have to take into account the market volume with which you break that price in order to avoid the pitfalls.
After the crossing of moving averages EMA 9/26 Bitcoin has managed to consolidate a momentary upward trend, this in turn has benefited from multiple fundamentals such as the JP Morgan crypto, which although it is not something that directly benefits the idea of a crypto attracts confidence towards the market.
- Moving Averages EMA 9/26
- RSI (relative strength index) 84%
- Support $ 3800
- $ 4200 resistance