BTCUSD - 1D Chart Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After it has dropped almost 1200$ between the 5th and the 8th of September, the price has started a slow recovery process and created a short term bullish channel since the 9th of September and until today, as long as it seems to be stabilized between the 20 days Moving Average and the upper band of Bollinger .

The RSI is neutral, the Stochastic is indicating that the sideways movement may continue while the MACD is still positioned above the Signal line, meaning that the trend will remain bullish for the short term.

The 2 possible scenarios are :

1. If the price will stay above the Pivot Level (6518$), the next possible target is 6865$ ( Resistance Level 1)
2. If the price will fall below the Pivot Level (6518$), the next possible target is 6311$ ( Support Level 1)

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