- Bitcoin weekend retracement to $7,500, a necessary evil as it created fresh demand for BTC.
- On stepping above $8,000 BTC/USD scaled the levels touching $8,100.
Bitcoin bulls are up in arms once again and this time the focus is not only on assaulting $8,000 level but retracting back to glory near $9,000. Contrary to the expectations, the weekend session did not bear fruits, instead, it gave for the bears to retest the support at $7,500. However, it appears that the retracement was a necessary evil as it created fresh demand for BTC.
BTC/USD 15′ chart
Looking at the 15-minutes chart, the reversal initially corrected above both the 21 Exponential Moving Average (EMA) and the EMA50 before hitting a snag at $7,750. Correction from this level found support slightly above the 23.6% Fib level taken between the last swing of $8,136.03 and the swing low of $7,450.
In spite of the correction, the Relative Strength Index (RSI) stayed above 40.00 confirming to the bulls that the trend was still bullish. The encouraged bulls increased their positions as BTC/USD attempted another assault at the EMAs and the resistance at $7,700. The formation of a Doji candlestick and the intact positive levels saw Bitcoin spike incredible in an engulfing candlestick where it zoomed above the resistance at $7,800 and extended the gains towards $8,00.
On stepping above $8,000 BTC/USD scaled the levels touching $8,100 before sliding back under $8,000. Meanwhile, it is changing hands at $7,959 amid growing bearish pressure. It was essential that if Bitcoin assaults $8,000, high support is established. However, the lack of support is likely to bring the asset right back in the bearish zone between $7,500 and $7,900.
The status quo on the market is bearish but it is good that the price is above the EMA21 and EMA50. Initial support is $7,900; slightly above the 61.8% Fib level support. $7,800 is another support area while $7,500 is the key support in the short-term.
Bitcoin Technical Indicators
RSI 15-minutes: Retraction from overbought shows weakening bullish pressure.
Key support areas: $7,900, $7,800 and $7,500.
Resistance: $8,000, $8,100 and $8,200 in the short-term and medium-term.
- GBTC Share Price Tanks As the Bitcoin Fund Trades At Record Discount
- Terra Ecosystem Announces the LUNA Foundation Guard (LFG) to Boost Growth, LUNA Up 4%
- JPMorgan: High Gas Fee A Big Problem for Ethereum (ETH) Valuations, Can Lose Market Share
- Ethereum’s Futures Open Interest hit a 3-month low, what does this mean for the market?
- Professional Mining from Digital Mining Experts Is Now Available via GMT
- Just-In: Georgia Binds Its Residents in Holy Oath Against Bitcoin Mining
- Wager Based 3D PVE/PVP Arena Battler Engines of Fury Storms GameFi With Incredible Content
- Shiba Inu (SHIB) Devs Begin to Fix Recent Issue of ‘Wormhole’ Addresses’; Here’s All You Need to Know
- BNY Mellon Sees Meaningful Revenue In Crypto by 2023 Post Clear Regulations
- Moody’s Confirms El Salvador’s Ratings Unchanged After President Bukele’s Reactive Tweet
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?