During today trading session Bitcoin reports a slight fall of 1.51% consolidating the value at $ 5200, the price still continues in an overbought area with the RSI above 80%.
The purchase volume has decreased so that BTC is in a difficult area to increase, in addition the vast majority of investors are cautious about a possible fall of the BTC which could lead to the support of $ 4500
- Bitcoin consolidated at $ 5200
- BTC in overbought area
- Profit taking area
Like yesterday’s analysis, today we see the price of Bitcoin without major movements in the chart. You have to be careful with the movement that BTC can give since it is in an overbought area so you need to get out of there to have an impulse again.
A strong support area is $ 4500 so BTC could have a setback to that price to continue with a bullish rally. The important thing is to be vigilant and avoid purchases at this point of consolidation to avoid losses in case the price is returned.
As we have mentioned repeatedly, for BTC to reach $ 9500 we must have greater interest from investors and this will be difficult if BTC fails to exceed $ 6000 with a high volume level.
- Moving Averages EMA 9/26
- RSI (relative strength index) 81%
- Support $ 4500
- Resistance $5700