Today trading session advances while Bitcoin continues in an area of $5000, during yesterday’s session the price of BTC touched $5300 to then make a pullback to the area of $4800 which was used by buyers.
Although this is the third day on the upside, it must be taken into account that BTC continues in an overbought area, so it is ideal to expect the RSI to exit 80% in that way BTC will have a greater probability of increasing, in addition to breaking the $6000 out of the overbought area we could see BTC touching the $ 8,000 or $ 9500 in a relatively short time.
- Bitcoin up for the third day
- BTC in overbought area
- BTC touched the $ 5300
Analyzing the BTC/USD pair in a one-day period, we can appreciate how the price has managed to sustain above $ 5000 in addition to a strong purchase impulse. At this point it is not advisable to enter since BTC is in an overbought area marked by 80% RSI.
EMA 9/26 moving averages continue to rise, BTC has not yet touched the fast moving average of 9 periods so, personally think that there is a chance of reaching $6000.
The last time BTC managed to reach $5300 was in November 2018, so it had been almost 6 months, this type of movement could bring a change in trend after a bear market of more than a year and a half.
- Moving Averages EMA 9/26
- RSI (relative strength index) 80%
- Support $ 4800
- $ Resistance $5600