There is not much change from yesterday. Bitcoin had another re-test of the prior high at $4360 with no success of breaking. Then, a reversal movement back to re-test the critical level of $4200.
As we mentioned in our previous analysis this week – Bitcoin is moving sideways between $4200 – $4500, that currently tightens up to $4200 and $4360.
Looking at the 1-day chart & 1-hour chart:
- The big picture hadn’t changed much – a bull scenario of creating a double bottom at the $4050 level, or a bear scenario in breaking the above level. As mentioned above, the sideways movement is between $4200 and $4360. There is a little support at around $4100 (descending trend-line), that might also prevent Bitcoin from creating new yearly lows.
- Bollinger bands are shrinking. This indicates of a possible major move coming up soon.
- In case of breaking the yearly low at $4050, the next major support lies at $3700 area. The next significant support area lies at $3000.
- From above, support-turned resistance levels at $4280 (50 days moving average), $4360, $4500 and $4750.
- Looking at the hourly chart, Stochastic RSI is about to cross in the oversold level. As of writing this, it hadn’t happened yet.
- The trading volume has decreased significantly, typically to weekends and in anticipation for the next big move.
- BitFinex open short positions are at 26.4K, another decline from yesterday.
BTC/USD BitStamp 1-Hour chart
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