During today’s session Bitcoin remains lateralized above $ 3800. After the fall of more than 10% Bitcoin achieved a slight recovery to stay above the support of $ 3800.
At this time the purchase movement is slow, so we must avoid long entries in this asset while maintaining the lateralized position.
- Lateralized market
- Bitcoin manages to hold above the $ 3800 support
- There are no strong fundamentals
While this is an analysis based on technical movements, we cannot ignore the fundamental, which causes less effect on the price reaction and we can see that with the entry of XRP to Coinbase which moved a scant 10% of the price.
We see how the moving average EMA 9/26 moves towards a possible bullish cross; however we must be careful since the purchase volume is low and this is not good for a long position, so it is better to ignore this cross in 4 hours if the volume level continues low.
The main target of BTC is in the $ 4200 while the support $ 3800, I think an interesting entry can be given after breaking the $ 3650 again taking as objective the same $ 4200.
- Moving Averages EMA 9/26
- RSI (relative strength index) 48%
- Support $ 3800
- $ 4200 resistance