Bitcoin (BTC) remained stable yesterday, maintaining its %7 gain after the rise it saw the previous day. Today, it continues with low volume below the $32,600 resistance.
Bitcoin (BTC) continues to protect its gains from the B-word conference effect yesterday and today. While the top of the last 3-day price action was sales at $32,800, the daily chart shows that the 21-day EMA is working as dynamic resistance.
Just below it, it can be followed as the bottom of the 8-day EMA support area at $31,900 today. Just above it, there is the Fib 0.382 retracement level (32.043), which calculated according to the July downtrend. According to this inference, it can be considered as a support area between $ 31,900 - $ 32,050.
The Stochastic RSI is moving north with a steep acceleration. While this shows that there is still some more room on the bullish path, hourly candlestick formations above $32,600 are crucial. If bulls fail to support this price, we can see that the daily Stochastic RSI may also run out of energy.
The CMF indicator also draws attention with its negative course. The indicator, which states that fund outflows are more, signals a possible correction.
Let's take a closer look at BTC on the 3-hour chart. It is a positive situation that the average $32,150, which worked as a resistance all day yesterday, was broken and turned into support. On the 3-hours view, the 8 EMA is in a dynamic support position with the current price of $32,300. In addition, the positions of 8 – 21 – 89 EMA values are still supporting the rise.
According to the latest view, Fib 0.5 above 32,600 at $32,880 is the next resistance level and a close above this price could trigger an uptrend to $35,000 (Fib 0.786).
A turn of $32,880 to support will position the 21 EMA above the 89 EMA and a break above $33,720 (Fib 0.618) which is seen as an intermediate resistance on the $35,000 path will increase.
The stochastic RSI on the 3-hours chart has reversed its direction at today's sideways position. Accordingly, if the $32,000 level can be defended by the buyers, the Stoch RSI can catch a fresh rise from the oversold zone.
Disclaimer: The information in the content is not an investment advice. Author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.
