During today’s session Bitcoin price manages to exceed $ 4000, however the purchase volume has not been as good as we expected. While at its highest point the price of BTC managed to touch $ 4019.
From the fundamental level we have not had any relevant news that drives the price of BTC; that is to say, there have been no “bombs” to attract buyers compulsively, although that is fine since BTC scales in a more securing way.
- Bitcoin exceeds $ 4000
- Moves EMA 9/26 bullish
- No further increase in volume
Analyzing the graph of the BTC/USD pair in 4-hour time, we can see how the EMA 9/26 moving averages continue to be distanced after the uptrend in the $ 3860. The price scales cautiously while the bulls take over the session.
The price remains above 38% Fibo while the RSI is stable above 60%, at this moment what we most need is optimism in the market which allows to increase the volume of purchase.
Personally I think that a long entry point can be in the $ 4040 with a goal in the $ 4200, although we should be attentive to the volume, because if it is a low volume, we could evaluate the profit taking in the $ 4100.
- Moving Averages EMA 9/26
- RSI (relative strength index) 62%
- Support $ 3900
- 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.