Bitcoin Price Rally Falters as Bulls Fight to Hold the $8.3K Support

After three days of buying and selling in a tightening vary Bitcoin value (BTC) dropped beneath $8,300, stopping at $8,264 which is barely beneath the $8,300 help and the 200-daily shifting common (DMA) at $8,200. 

Earlier within the day John Bollinger, the creator of the favored Bollinger Bands indicator, tweeted that the latest pullback mustn’t alarm traders. Bollinger stated: 

“This is a ‘logical place’ for $btcusd to find support, a pullback to a breakout level and the middle BB.” 

Cryptocurrency market weekly overview

As talked about within the earlier evaluation, many merchants nonetheless anticipate that the value will drop to $8,200 the place patrons seeking to buy the dip supposedly await. Currently, the quantity profile seen vary (VPVR) exhibits a excessive quantity node at $8,200 the place the 200-DMA is situated. 

BTC USD daily chart

Based on the latest value motion, if Bitcoin value drops beneath $8,200 merchants could search for a bounce on the 50-DMA at $8,000 and beneath this level, the value might retrace to $7,600 which is aligned with the decrease band of the Bollinger Band indicator.

BTC USD daily chart

On the day by day timeframe, the shifting common convergence divergence (MACD) has already crossed beneath the sign line, printing a pink (unfavourable) candle on the histogram and the relative power index (RSI) on the verge of dropping beneath 50. Trading quantity has additionally tapered off and the Bollinger Bands stay extensive, suggesting additional draw back because the almost certainly state of affairs if the value drops beneath the 200-DMA. 

In the shorter timeframe, we are able to see that bulls have been preventing to carry the $8,300 help and the RSI and MACD are quick approaching oversold areas. 

Traders seeking to play an oversold bounce can be watching $8,100 the place the previous descending channel trendline resides. Below that is the 200-DMA which is centered between the 50% and 61.8% Fibonacci Retracement ranges.

BTC USD 6-hour chart

If an oversold bounce produces a powerful response that permits Bitcoin to reclaim the 50-EMA merchants will watch to see if $8,500 presents resistance. Above $8,500 it’s doable that the excessive quantity VPVR node at $8,623 might operate as a tough stage of resistance. To restore the uptrend, merchants might want to push and maintain Bitcoin value above $8,800 and $9,134.

Bitcoin daily price chart

The general cryptocurrency market cap now stands at $228.9 billion and Bitcoin’s dominance price is at 63.3%. The majority of top-10 altcoins adopted Bitcoin’s value motion with Bitcoin SV (BSV) tumbling 9.33%, Bitcoin Cash (BCH) 7.86% and Litecoin (LTC) 6.51%.

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