Where to next for Bitcoin?
Is this another dip to be bought or the beginning of a deeper correction?
Price bounced off its 21-day EMA to finish above the 200-day SMA. The 49.2k resistance (former range support) is providing some stickiness for bulls to take price higher. The RSI has moved out of overbought territory and approaching the 55 level of support which ensure price dips were held and we didn’t see a reversal of the uptrend. There is some negative divergence that’s formed, leading to some loss of steam on the momentum front. Targets - to the upside are 49.2k (decisive close above) and the 52.775k mark which was former range support earlier this year. On the downside targets are the 21-day EMA and 200-day SMA providing support at roughly
46K and the former range resistance at 41k. There is minor support at 44K too.
(Analyst - Luke Suddards)
Price bounced off its 21-day EMA to finish above the 200-day SMA. The 49.2k resistance (former range support) is providing some stickiness for bulls to take price higher. The RSI has moved out of overbought territory and approaching the 55 level of support which ensure price dips were held and we didn’t see a reversal of the uptrend. There is some negative divergence that’s formed, leading to some loss of steam on the momentum front. Targets - to the upside are 49.2k (decisive close above) and the 52.775k mark which was former range support earlier this year. On the downside targets are the 21-day EMA and 200-day SMA providing support at roughly
46K and the former range resistance at 41k. There is minor support at 44K too. (Analyst - Luke Suddards)
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