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Bitcoin [BTC/USD] Technical Analysis: Short upwards movement leaves coin in uncertain situation



Yesterday’s price hike saw Bitcoin [BTC] investors rejoice as it marked a much-needed price movement above the resistance levels. However, the price has since corrected and found its place in the prior resistances albeit with a better outlook than before the hike.

1 hour:
Yesterday’s hike saw a price movement described from the $6210 – $6435 prices. This is also complemented by another uptrend from $6625 – $6650. There is also a downtrend representing the drop from $6660 – $6560.

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The pivot points around the resistance and support line show a tight market movement between the ranges.

The Relative Vigor Index is demonstrating a bullish crossover.

The Moving Average is at $6435, representing a good support level for the coin.

1 day:

The Parabolic SAR indicator is bullish, as represented by the dots under the price movement.

The Ultimate Oscillator is demonstrating a bullish divergence with the price, generally representing a buy signal.

The Ease of Movement indicator seems to be primed for further upwards movement if it continues its current trend and reverses into positive territory.

The long-term resistance levels are presented at $9200 and $8390, with the short term resistance level at $7390. There is also a crucial support at $5850.

Conclusion:

While yesterday’s breakout showed that the market still carried momentum, it is necessary to observe whether the price will continue the upward movement. The indicators are demonstrating a positive movement to come, with market movement decided ultimately by investor sentiment.


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