A flashback from our previous Bitcoin analysis:
“As of now, next target levels is the $8,400 resistance and afterwards the $9,000 strong resistance level. RSI is very high so we can expect a correction back to the $7,500-$7,800 area, where also MA-200 lies (resistance turned support).”
The pink line is the MA-200, Bitcoin had a correction down to $7,800 and got supported on the MA-200. from there all the way up to the $8,400 resistance level.
As of now, consolidation between the $7,900 to the $8,400 area. A breakout will send us to test the strong $9,000 resistance level. From the bear side, breaking down the $7,900-8,000 support will send us to the next level at $7,500 area. As long as we stay there – the overall picture looks bright.
BTC/USD BitFinex 4 Hours chart