In our previous price analysis, we mentioned the fragility of the US $ 8000 level and that Bitcoin remained stable in the last two days.
Shortly after, we saw a huge drop below $ 7,500 in Bitcoin's price. However, after the fall, Bitcoin maintained its strength and maintained the significant support level of $ 7500- $ 7600, and since then we have seen a bullish move exceeding $ 8000 and re-testing $ 8,200.
After being rejected by the $ 8,200 resistance, Bitcoin is back to the situation of our previous analysis while the currency is being traded around the $ 8,000 mark.
Total market value: US $ 249.5 billion
Bitcoin Market Cap: US $ 141.4 Billion
Domain BTC: 56.7%
Looking at the 1-day and 4-hour chart
– Support / Resistance:
As mentioned, Bitcoin is being traded around the $ 8000 mark. Breaking up and the next barrier is $ 8200 and then the high of 2019 at $ 8400 (which has been rejected twice so far). The next possible targets or resistance levels are $ 8500, $ 8800 and $ 9000. Other resistances are at $ 9600 – $ 10,000 area.
From below, the closest support is at this current price level. Below is the $ 7800 before reaching support of $ 7600. The next significant support area is $ 7200 – $ 7300. Further down is the $ 7,000 zone.
– Trading Volume: After the above, we can see that the volume is not significant. The direction for the near future had not yet been decided.
– RSI of the daily chart: the fall below $ 7500 is reflected in the RSI, when the indicator fell to 60, where it found support. The RSI is now around 64, which is relatively low compared to 2019, however, still optimistic.
A bullish signal may be coming from the RSI stochastic oscillator, as it was recently crossing in the oversold area.
– BitFinex open short positions: there are short open positions of 19 K BTC.
BTC / USD BitStamp 4 hour chart
BTC / USD BitStamp 1 Day Graph
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