Corrections come with the game. 2 days ago, when publishing our freshly released analysis, we witnessed Bitcoin correcting violently down, even touching $6300 on a few exchanges. This was anticipated following the deluge from $5000 that set off only in one direction.
If someone is looking for strength in the BTC market, they would undoubtedly find it at recent hours' Bitcoin behavior. The volatile coin had passed through a fabulous $800 bullish run, and now testing $8000 again.
Lastly, and not for the first time, this is without a doubt Bitcoin's favorite TV show:
Total Market Cap: $249 Billion
Bitcoin Market Cap: $140.9 Billion
BTC Dominance: 56.6%
Looking at the 1-day & 4-hour charts
From above, Bitcoin is now taking on the challenge of the $8000 resistance once again. Should Bitcoin succeed in breaking that, we would quite possibly expect a retest of $8200 and 2019 high at $8400. Breaking up and $8500, $8800 and $9000 should then become the next range of targets for the king of cryptocurrency.
Looking below, after the $7000 and $7250 – $7300 had proven to be strong support area, from below there is also the $7800 and $7600 support levels before reaching to the mentioned area.
– Trading Volume: The last few days has seen very high volume (combined with high volatility). The daily volume levels experienced lately are starting to look very much like the December 2018 numbers.
– Daily chart’s RSI: The RSI had also found itself up against a resistance zone of 70 – 73. That being said, a bullish sign may be coming from the Stochastic RSI oscillator. The last is moving toward a crossover in the oversold area; this can effectively fuel up the market and certainly assist in breaking up the $8000.
– BitFinex open short positions: After the severe 40% drop of the short positions and the long squeeze, the shorts are slowly but surely climbing and now stand on 17.6K BTC open short positions.
BTC/USD BitStamp 4-Hour Chart
BTC/USD BitStamp 1-Day Chart
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