During today’s session the Bitcoin price does not report more movement. The lateralized market has lasted for more than two weeks; Bitcoin tries to get a recovery however we must be careful as we could see a new setback.
At this time I do not recommend opening positions (if you do trading) unless BTC breaks with high volume above $ 3877 with a possible target in the $ 3950 which is the highest resistance.
- Bitcoin stays Lateralized
- Tether issues suspicious communication
- We cannot scare the bears away
This analysis focuses on the technical aspect, I cannot leave aside the fundamentals that, and although they no longer affect the price as in 2017 are still relevant.
For example, Tether announced in a new statement that it is possible that its Stablecoin is not 100% backed by Fiat, which has created much mistrust.
Returning to the technical aspect, we can see how the moving averages EMA 9/26 continue lateralized; have not tried an upward crossing. On the other hand, the volume of the market has been very weak, being until Thursday 14th that reports a slight increase.
The price remains above the main support of $3800; the biggest problem is that there is fear in the deserved. Then when you reach the resistance of $ 3950 many take profits to avoid a strong pullback to $ 3800 in this way creates a circle so to speak that encloses the price of BTC.
- Moving Averages EMA 9/26
- RSI (Relative strength index) 51%
- Support $ 3800
- Resistance $ 3950