Bitcoin Price Analysis: Is there still buying conviction at these levels?

Bitcoin is trading just under flat on Tuesday as the market stutters.
The RSI is in an overbought zone but the price is still above the moving averages.

Rajan Dhall, MSTA FX Daily

BTC/USD 4-hour chart

Bitcoin is stuttering at the 9K level as there seems to be a lull in the crypto market on Tuesday. The volume seems thin and the candles are doji like indecisive in nature. The price has also dipped under the 76.4% retracement zone which is very close to the 9K psychological level.

In a more positive light, the price is still above the 200 and 55 moving averages. This is considered bullish but they do seem to be closing in on each other and might cross in a bearish fashion. The relative strength index indicator is also in an extremely overbought position this could mean there might be a short term pullback but the trend is still an uptrend.

The bias for BTC is still looking positive but there could well be a pullback as there does not seem to be much conviction at these higher levels.

Additional levels

BTC/USD

Overview
Today last price	8881.85
Today Daily Change	-2.23
Today Daily Change %	-0.03
Today daily open	8884.08

Trends
Daily SMA20	7740.99
Daily SMA50	7010.65
Daily SMA100	7998.99
Daily SMA200	7979.7

Levels
Previous Daily High	8971.17
Previous Daily Low	8535.49
Previous Weekly High	9476.83
Previous Weekly Low	7491.5
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	8701.92
Daily Fibonacci 61.8%	8804.74
Daily Pivot Point S1	8622.66
Daily Pivot Point S2	8361.24
Daily Pivot Point S3	8186.98
Daily Pivot Point R1	9058.34
Daily Pivot Point R2	9232.6
Daily Pivot Point R3	9494.02

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.

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Bitcoin Price Analysis: Is there still buying conviction at these levels?