Bitcoin Price Analysis: The bitcoin bulls have 8K in thier sights
- Bitcoin trades 0.61% higher on Friday but the bulls fail to capitalise of Thursday's gains.
- The price seems to be stalling at the 38.2% Fibonacci retracement level.
BTC/USD daily chart
Bitcoin is still looking positive on Friday despite the bulls not pushing above the high seen yesterday. The price looks like its heading toward some more serious resistance zones including the 200 daily simple moving average, which incidentally is placed close to the 8K psychological level.
Looking at some of the other technical levels now, the relative strength index indicator is also trading above the 50 mid-line positive territory. There is also space for the indicator to move higher as it has not reached the overbought zone yet. The volume is still looking a little bit light so if there is to be a break higher it would be good to see an increase. Lastly, if there is to be a move up, the black trendline could act as a resistance zone as it has halted one other move in the past.
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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.
