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Bitcoin [BTC/USD] Technical Analysis: Price to see a short term recovery after bearish momentum

Bitcoin [BTC]’s price seems headed for a general upwards trend recently, with the coin jumping on the hype train of the Bitcoin Cash [BCH] price hike to pull itself from the bear’s clutches. While the coin seems ready to test higher gains, the market may have more in store for HODLers than they expect.

1 hour:

There is a visible uptrend in price from the $6220 – $6375 – $6445 and is complemented by a similar uptrend from $6330 – $6380 – $6530. This forms a channel, indicating a possible breakout in the price. The price is set to bounce off the lower uptrend for a short bullish rally.

A downtrend is also present from $6530 – $6510 – $6500. Support levels are present at $6390 and $6220, with a resistance set at $6530.

The MACD is demonstrating a bearish crossover and breaking downwards.

The Stochastic RSI has dipped into the oversold zone and is demonstrating a bullish crossover for the price to continue moving upwards.

The Parabolic SAR is also bearish, as seen by the presence of the dots above the candlesticks.

1 day:

A support uptrend is seen from $6182 – $6270 – $6450, with the dominant downtrend seen from $9800 – $8390 – $6500. Resistance levels are seen at $6750, $7360, $8385 and $9800, while supports are set at $5850 and $6145.

The RSI is showing that buying pressure has reduced since yesterday, with a slight decline seen in the price.

The Relative Vigor Index is also demonstrating a bullish crossover.

The Bollinger Bands are closing together, with market volatility decreasing over the past few days.

Conclusion:

The price might see a short-lived-break upwards and break free of the bear’s shackles. However, it might see a resistance at $6530, as the current uptrend keeps the price above $6390.

The post Bitcoin [BTC/USD] Technical Analysis: Price to see a short term recovery after bearish momentum appeared first on AMBCrypto.



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