On our previous BTC price analysis, we’ve mentioned the significant bullish signal which is the RSI breakout on the daily chart.
It hasn’t been long till Bitcoin passed $6500, for the first time since October 11. What might also contribute to the bullish environment is the increasing trading volume coming from South Korea. South Korean exchanges had a major role in the latest bull-run at the end of 2017.
The 4-Hours chart:
- Bitcoin looks positive: Rising trading volume, and the breakout of the populated-zone of resistance (including the three moving average lines – 50, 100 and 200 days MA). But, I would look for creating a higher low right here (around $6500) before a possible continue upwards.
- Currently, BTC is facing the next major resistance area at $6500 – $6530. The next resistance levels lie at $6650 and $6800.
- From the bear side, resistance-turned support area at $6350 – $6430 including the above three moving average lines and the ascending trend-line. Further support level lies at $6250 and $6100.
- BitFinex has now 21K BTC open short positions. The number had reduced a bit since our last update.
BTC/USD BitStamp 4 Hours chart
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.
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Author: Yuval Gov