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Bitcoin price review: Bullish Attempt or Bearish Trap

There is little chance of seeing a solid upward movement in Bitcoin.
Ethereum fails to take the lead either.

Tomas Salles FXStreet

Bitcoin is quoted early in the afternoon at $7,948 after the surge started several hours ago.

The bullish signal zone is at $8,150. The signal will trigger if BTC/USD manages to close and hold above that level.

However, that's just one of the necessary conditions to label the market as fully bullish. The second condition is to see Ethereum outperform Bitcoin. The confirmation of this would be to see the ETH/BTC pair trading above 0.03356.

It is unlikely that any bullish initiative can consolidate. The daily time horizon charts show that some indicators are still in an expansion (bearish) phase – which makes it challenging to produce an upward turn on a global market scale now.

On the hourly chart, we see how the BTC/USD pair has been unable to pass the SMA200 at $7,989. The SMA100 at $7,850 should support the price in case of falls.

BTC/USD leaves session high at $8,088.

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Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.

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