Bitcoin Price Analysis: Have the bulls run out of steam
- Bitcoin is trading just above flat on Friday as the market reaches a decicion point.
- The buyers seem to have run out of steam leading into key resistance areas.
BTC/USD 1-Hour Chart
Bitcoin has performed well over the last two sessions and now we are in a tricky area.
Just before the price hit 9,200.00 the price met some resistance at the 1.618% extension in blue.
This also confluences with the red resistance line marked on the chart. It was also close to the 50% bigger Fibonacci retracement level.
If the bulls have any chance of moving higher they will need to gather more volume to break the level.
The green level is important on the higher timeframes and needs to be watched closely if we do get an intraday push.
For now, the short term trend is still bullish but there is lots of traffic above current levels.
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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.
