The BTC/USD technical picture started looking quite attractive for the potential buyers, as the crypto managed to break and stay above its medium-term tentative downside resistance line drawn from the highest point of June, 2019. At the same time, Bitcoin continues to hug its 200-day EMA. There is a possibility we may see more buyers jumping in again, if BTC/USD manages to let go of that 200-day EMA and moves above last week’s high, near the 8424 barrier. Until then, we will remain cautiously bullish.
A strong push above the above-discussed 8424 barrier might attract more buyers, who could help the price to rise to the 9525 area, which is the highest point of November. Initially, the crypto might stall around there, or even correct back down slightly. That said, if Bitcoin stays above the 8424 mark, this could invite the bulls back into the field and help it move up once again. If this time, the 8424 barrier fails to withstand the bull pressure, its break might lead to a test of the highest point of October, at 9902.
Our oscillators, the RSI and the MACD, both seem to somewhat support the idea of a possible move higher, at least in the near term. The RSI is above 50, but is currently pointing a bit lower. The MACD is slightly more bullish, as it is above zero and its trigger line, while pointing higher.
Alternatively, for us to get comfortable with the downside again, we need to see at least a decent move back below the aforementioned downside line and a price-drop below the 6823 hurdle, which is the current lowest point of January. This way we will start targeting the lowest point of December, at 6363, a break of which could set the stage for a move to the 5637 level. That level marks the high of April 23rd and the low of May 8th.
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