Bitcoin price is in an uptrend since the starting of the year, recorded over 40% price growth. Currently, Bitcoin is moving in a clear uptrend channel highlighted on the chart.
Channel resistance is sitting at just above 10200$ and support of this channel is at just below 8800$.
Bitcoin is currently trading above 9200$, above all Four Key Moving averages: 21,50,100 and 200 on the daily timeframe. 21MA acted as strong support for bitcoin during a mini bull run in March-June last year. I am expecting, 21MA to remain as strong support for a current bull run as well.
On Bearish note: 8500$ area remains as an unfilled CME Gap, which could fill later or sooner. Another bearish argument is open interest above 1 Billion dollars on Bitmex.
We have not noticed any significant decrease in open interest during bitcoin downwards move from 9600$ to 9100$. That indicates there is a possibility of another upside wave before a major correction to 8500$.
Right Now, I am looking for Bitcoin to test channel resistance at 10200$, and depend on rejection from this level - Bitcoin may drop to 8500$ later.
In my opinion, 10000$ should come first before 8500$.
Channel resistance is sitting at just above 10200$ and support of this channel is at just below 8800$.
Bitcoin is currently trading above 9200$, above all Four Key Moving averages: 21,50,100 and 200 on the daily timeframe. 21MA acted as strong support for bitcoin during a mini bull run in March-June last year. I am expecting, 21MA to remain as strong support for a current bull run as well.
On Bearish note: 8500$ area remains as an unfilled CME Gap, which could fill later or sooner. Another bearish argument is open interest above 1 Billion dollars on Bitmex.
We have not noticed any significant decrease in open interest during bitcoin downwards move from 9600$ to 9100$. That indicates there is a possibility of another upside wave before a major correction to 8500$.
Right Now, I am looking for Bitcoin to test channel resistance at 10200$, and depend on rejection from this level - Bitcoin may drop to 8500$ later.
In my opinion, 10000$ should come first before 8500$.