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Bitcoin Technical Analysis: Bitcoin might get stuck and It needs to take out this level

  • Bitcoin has pulled back from lower levels and trades 1.4% higher today.
  • There could be some traffic coming up and the bulls need to take out 8K.
Bitcoin Technical Analysis: Bitcoin might get stuck and It needs to take out this level
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD Daily Chart

Bitcoin is performing well at the moment after hitting a low of 6,430 last week.

There are a few bullish points on the chart. One is the divergence on the RSI indicator that makes a higher low when price made a lower low. 

This is often a good signal for a move up or that the move lower is running out of stream.

Now the consolidation wave high of 7,870.10 (8K) needs to be taken out to confirm any break higher.

Before that the 55 day EMA needs to be taken out also. Beyond there, there is the 200 day EMA and channel high that could act as resistance.

Bitcoin 8K

Additional Level

BTC/USD

Overview
Today last price7687.7
Today Daily Change176.14
Today Daily Change %2.34
Today daily open7511.56
 
Trends
Daily SMA207230.44
Daily SMA507830.46
Daily SMA1008323.73
Daily SMA2009301.98
 
Levels
Previous Daily High7521.3
Previous Daily Low 7125.12
Previous Weekly High7452.54
Previous Weekly Low6432.05
Previous Monthly High9580.19
Previous Monthly Low6526.82
Daily Fibonacci 38.2%7369.96
Daily Fibonacci 61.8%7276.46
Daily Pivot Point S17250.69
Daily Pivot Point S26989.81
Daily Pivot Point S36854.51
Daily Pivot Point R17646.86
Daily Pivot Point R27782.17
Daily Pivot Point R38043.04

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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