Okay! Bitcoin has increased more than 4% during the last 4 hours of the session on Wednesday, in what for many is an upward rally. While an investor has bought in the $ 5220 (price of the 8:00 AM Central Time) at this time has had about $ 160 per unit of profit.
However, one of the reasons why we do not recommend buying during today’s session is the high risk of a pullback since BTC moves above 85% of the RSI, that is, it is overbought.
- Bitcoin plays the $5,400
- Possible Pullback before touching the $6000
- Market FOMO accelerates purchases
Although BTC has reported an excellent increase during today’s session, we should keep in mind that long entries can be very risky for novice investors; this is because BTC is likely to fall back to $ 4500 before experiencing a bullish rally. .
It is evident that many whales are interested in the market increasing the price, since they could be looking for a starting point for those who bought BTC below $4000.
Bitcoin will increase, above $7000 – $9500 is what we have determined for this 2019. However to get to that point BTC needs to make corrections and it is at this time when a strong correction could happen.
- Moving Averages EMA 9/26
- RSI (relative strength index) 84%
- Support $4500
- Resistance $6100