During today’s session the Bitcoin price reported a slight recovery of +1.35 after having fallen more than $ 100 during the session on Sunday.
The price has rebounded in the support of $ 3734 looking to return above $ 3800, which is an important support. On the other hand in 4 hours chart we can see a cross and moving averages downwards.
- Bitcoin falls more than $ 100 during the session on Sunday
- The price starts a slight recovery towards the $ 3800
- Positive optimism continues
While we have had a decline of more than 10% this has not affected the psychology of the market directly, the market is optimistic about the pullback of BTC as a purchase option before the third bullish momentum.
Obviously a long entry is better when the price crosses the $3830 since we can have a clearer perception of the new impulse. On the other hand, be alert to the volume with which BTC increases since being a low volume could be a trap.
The crossing of moving averages EMA 9/26 was inevitable in the 4 hours chart before the rapid fall of the BTC; however the market still reports a strong tendency to recovery with target in the $ 4200.
- Moving Averages EMA 9/26
- RSI (Relative strength index) 41%
- Support $3734
- Resistance $4200
This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.