During today session Bitcoin price is consolidated above $5200, on the other hand the price remains in an area of overbought so it is not an ideal point to enter long.
Many analysts on platforms such as Tradingview agree that Bitcoin could fall to $ 4500 before continuing with an upward trend that manages to break the $ 6100 effectively and then reach $ 9500.
- Bitcoin consolidates the price at $ 5200
- BTC in overbought area
- Possible retracement to the $ 4500 area
It is evident that the investors of 2019 have much more experience with the crypto market, avoids the compulsive purchase. Every upward movement is analyzed and a great optimism is not maintained as in 2017, all due to the strong bear market initiated at the beginning of 2018.
At this moment Bitcoin is in an overbought area marked by 80% RSI. On the other hand, the purchase volume has decreased which alerts investors and avoids reckless entries in long.
In short BTC needs to do a pullback before trying to break the $ 6100 effectively; so many investors see the $ 4500 as a point of entry and $ 6100 – $ 6500 as profit taking.
- Moving Averages EMA 9/26
- RSI (relative strength index) 82%
- Support $4500
- Resistance $6200