Bitcoin Technical Analysis: Bitcoin might get stuck and It needs to take out this level
|- Bitcoin has pulled back from lower levels and trades 1.4% higher today.
- There could be some traffic coming up and the bulls need to take out 8K.
BTC/USD Daily Chart
Bitcoin is performing well at the moment after hitting a low of 6,430 last week.
There are a few bullish points on the chart. One is the divergence on the RSI indicator that makes a higher low when price made a lower low.
This is often a good signal for a move up or that the move lower is running out of stream.
Now the consolidation wave high of 7,870.10 (8K) needs to be taken out to confirm any break higher.
Before that the 55 day EMA needs to be taken out also. Beyond there, there is the 200 day EMA and channel high that could act as resistance.
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Additional Level
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