Yet another morning in the red for Bitcoin and the broader crypto market. The BTC/USD pair is currently oscillating inside a narrowing range limited by $7,000 on the downside and $7,300 on the upside.
The RSI on the H4 chart is inching closer to the oversold region. If the downtrend continues, the chances of Bitcoin plunging below $7,000 will remain high. In that area are located the 15th Dec. low and the lower line of Bollinger Bands on the 4-hour chart. In retrospect, the danger and risk of retesting $6,500 or $6,000 still hovers unbothered by the investors’ expectations.
In order the bulls to take control again, they need to push BTC/USD above $7,200 key resistance firstly. However, if the bulls manage to take out the last, the next resistance is near the $7,231.73 region, the 38.2% Fib of the annual rally from 3,122 to 13,880. A break above which will expose the 50-day SMA on H4 chart at 7,245 and the high from 13th Dec. at 7,302.35.
The RSI on the H4 chart is inching closer to the oversold region. If the downtrend continues, the chances of Bitcoin plunging below $7,000 will remain high. In that area are located the 15th Dec. low and the lower line of Bollinger Bands on the 4-hour chart. In retrospect, the danger and risk of retesting $6,500 or $6,000 still hovers unbothered by the investors’ expectations.
In order the bulls to take control again, they need to push BTC/USD above $7,200 key resistance firstly. However, if the bulls manage to take out the last, the next resistance is near the $7,231.73 region, the 38.2% Fib of the annual rally from 3,122 to 13,880. A break above which will expose the 50-day SMA on H4 chart at 7,245 and the high from 13th Dec. at 7,302.35.
Trade closed: target reached:
Bulls took that battle and all of ours 2 upward targets was reached.
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💰 PAID SIGNALS AND ANALYSIS: t.me/Semkov
💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade