Bitcoin has settled into higher price levels above $8,000, consolidating gains after bouncing just below $6,000. Another run higher will target the falling 4-hour 89 SMA near $9,500.
The daily chart still remains bearish. BTCUSD trades below its 34 EMA and its 89 SMA. Both moving averages are falling, and the fast moving average has crossed below the slow one. If the Bitcoin bounce continues higher, the falling daily 34 EMA could be in target, currently valued near $10,700.
Bitcoin has regained the 34 EMA on the 4-hour chart, and is trying to hold above that level. If it does, it can target the falling 89 SMA near $9,500.
While the bounce in Bitcoin has been welcomed, the daily chart is still bearish, and therefore rallies will likely stall as BTCUSD moves to meet its falling moving averages. Long term, Bitcoin is disrupting gold and will revolutionize how value is stored in the digital age.
DISCLAIMER
This post is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action. You will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives.
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