So far so good with Bitcoin. Let's recap on our previous analysis. We noted that Bitcoin was going to stay in our channel or path to $8,000 and eventually break above it. We've seen that play out so well with Bitcoin trying to climb above $7,500. Our analysis stays the same.
The 4 hour chart shows the RSI in a good position. The heated buy is cooling off gradually and the MACD also confirms this. We've had a cross in the bullish zone. We're expecting everything to still happen in the channel we've outlined.
Bitcoin is trading between $7,300 and $7,500. This is a key range for Bitcoin. An 8 hour close above $7,500 will ignite momentum to push price above $7,600. Contrary to common expectation for Bitcoin to decline back to $5,900 - $6,500, we believe strongly based on our analysis so far that Bitcoin is heading to $8,000.
The 4 hour chart shows the RSI in a good position. The heated buy is cooling off gradually and the MACD also confirms this. We've had a cross in the bullish zone. We're expecting everything to still happen in the channel we've outlined.
Bitcoin is trading between $7,300 and $7,500. This is a key range for Bitcoin. An 8 hour close above $7,500 will ignite momentum to push price above $7,600. Contrary to common expectation for Bitcoin to decline back to $5,900 - $6,500, we believe strongly based on our analysis so far that Bitcoin is heading to $8,000.
