BTCUSD holds above the resistance at $7,400 and attempts to regain the 7,500. What might cancel the recent bearish trend is if bitcoin manages to settle today above the daily high at $7,524, in that case, a move to Wednesday’s high at 7.645 will be the next target. Bulls need to clear the 50-day moving average at $8,388 to regain control of the bitcoin trend.
In our daily bitcoin chart, the RSI 14 index consolidates around 38.56 level having escaped from deeply oversold levels. Overall there is an improvement in crypto markets sentiment this week as cryptocurrencies rebound from six-month lows
On the other hand, first support for bitcoin (BTCUSD) stands at $7,411.17 the daily low while the $7,000 mark is a critical support zone. If a downside break occurs below the $7,000 mark, BTCUSD could resume its decline to $6,534 recent low. Furthermore, to the downside, we have to go back to May for the next support that stands at $5,705.
All in all even the short term momentum appears to be more positive today, the longer-term technical outlook is still bearish, and if the bitcoin fails to climb above the resistance levels that I mentioned above, then a move down to recent lows looks possible.
In our daily bitcoin chart, the RSI 14 index consolidates around 38.56 level having escaped from deeply oversold levels. Overall there is an improvement in crypto markets sentiment this week as cryptocurrencies rebound from six-month lows
On the other hand, first support for bitcoin (BTCUSD) stands at $7,411.17 the daily low while the $7,000 mark is a critical support zone. If a downside break occurs below the $7,000 mark, BTCUSD could resume its decline to $6,534 recent low. Furthermore, to the downside, we have to go back to May for the next support that stands at $5,705.
All in all even the short term momentum appears to be more positive today, the longer-term technical outlook is still bearish, and if the bitcoin fails to climb above the resistance levels that I mentioned above, then a move down to recent lows looks possible.