Bitcoin Price Analysis: Bitcoin is still looking bullish intraday
- Although Bitcoin is just over 1% lower on Wednesday the chart still looks bullish.
- 7K has been rejected again but the bulls do not want to give up.
BTC/USD 1-hour chart
Bitcoin has been forming a formidable base and now is looking to test the top of the consolidation for the 3rd time. The market has been continuously making higher lows and higher highs on the hourly timeframe but each time it gets to 7K the price meets resistance. The price is also above the 55 and 200 moving averages. This is considered a bullish sign and the RSI indicator is also positive above the 50 mid-line.
Looking closer at the chart now, the price action is very jittery at these higher levels but also the volume is pretty low. As the crypto market is so unpredictable it's hard to say if a big bout of buying volume will come in. One thing is for sure, the 7K level is strong and a break will give a boost to sentiment after the big drop over the last month or so. On the daily chart, the sentiment is still bearish and this just seems like a retracement. Watch out when taking trades to the upside as the price could snap back at any stage.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
