Bitcoin returns to $ 8,000

On our previous pricing analysis, we mentioned the fragility at the $ 8000 level and that Bitcoin was stable over the last couple of days.

Shortly after, we saw a massive decline below $ 7500 in Bitcoin's price. However, Bitcoin continued its strength and maintained its substantial support level of $ 7,500- $ 7,600, and since then we saw a bullish rise above $ 8,000 and retesting $ 8200.

Having been rejected by the $ 8200 resistance, Bitcoin is back to our previous analysis, while the coin is about $ 8,000.

Total Market Cap: $ 249.5 Billion

Bitcoin Market Cap: $ 141.4 Billion

BTC Dominance: 56.7%

Looking at 1-day and 4-hour charts

– Support / Resistance:
As mentioned, Bitcoin trades around $ 8,000. Breaking over and next barrier is $ 8200 and then 201[ads1]9 high at $ 8400 (which was rejected twice as far). The next possible targets or resistance levels are $ 8500, $ 8800, and $ 9,000. Additional resistance is $ 9600- $ 10,000.

Below is the closest support to this current price level. Below is $ 7800 before coming down to the $ 7600 support. The next important support area is $ 7200- $ 7300. Further below is the $ 7000 zone.

– Trade volume: According to the above, we can see that the volume is not significant. The direction of the future future had not been decided yet.

– Daily Chart RSI: The decline below $ 7500 is reflected on the RSI as the indicator dropped to 60 where it found support. RSI is now around 64, which is relatively low compared to 2019, but still bullish.
A bullish sign may come from the stochastic RSI oscillator, which it recently passed into the oversold area.

– BitFinex open short positions: There are 19K BTC open short positions.

BTC / USD BitStamp 4-Hour Chart


BTC / USD BitStamp 1-Day Chart

 btc_may25_d-min [19659017] Be the first to Know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.

CryptoPotato Video Channel

Source link

Back to top button