The Bitcoin price has not made any significant movement since yesterday. It is showing bullish signs in lower time-frames. In the long-term, it is approaching the logarithmic support line above $6000.
Bitcoin Price Highlights
- The Bitcoin price has not shown any signs of reversal.
- There is support at $8000 and $7500.
- The 50- and 100-week moving averages (MA) are close to making a bullish cross.
The Bitcoin price has traded around the same level since yesterday. It still has not reached any of the support areas, which are found at $8000 and $7500.
The price has created a bullish doji, but that cannot be considered a trend reversal yet.
Looking at the hourly chart, we can see both a descending resistance line and the generation of bullish divergence in the RSI.
The presence of the two outlined wicks it possible that the price will likely break out from this line. However, the breakout could be short-lived with an upper limit of $8300 for increases.
Looking at the weekly log chart, we can see that BTC is approaching the support line that has been in place since 2011. The support line is currently at $6000 and is upward sloping.
Also, the 50- and 100-week MAs are very close to making a bullish cross. The cross of these MAs preceded the entire bull run of 2016.
It is possible that we see a continued decrease until the end of the year when we find support at the MAs somewhere above $7000 before an upward move follows.
Significant volatility is not expected.
For our previous analysis, click here.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Images courtesy of Twitter, TradingView.
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