Bitcoin Futures price analysis: Bitcoin moves higher today but there could be some trouble ahead
|- Bitcoin futures reject 8k for the fifth time and just moved to positive territory for the session.
- There is a resistance zone above price at the moment at 8,273 and also a trendline resistance.
On the hourly chart below, it seems that the Bitcoin bulls are not ready to let go of 8k just yet.
This is now the fifth time that 8k has been defended by the bulls and the next resistance point on the way up stands at 8,273.0.
Above that, there is a trendline that could slow down any momentum that originates at the top of the consolidation point.
The volume profile indicator is showing price at mean value levels at the moment. This is the point where the most amount of traders exchanged contracts at what price.
The relative strength index (RSI) indicator has just pushed higher and moves past the 50 mid line. It has not reached the overbought zone so there could be some more room for another leg higher.
Beyond this, the top of the consolidation is at 8,815 and a break of this could confirm a change in trend to the upside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.