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Bitcoin witnessed a small 5% price rebound over the past 7-days of trading that allowed it to overcome resistance at $9,000 again.
The cryptocurrency is still in danger of heading lower as the RSI stalls upon reaching the 50 level.
Bitcoin saw a small 5% price rebound over the past week of trading. It had been falling the previous week and managed to stabilize after reaching support at $8,460 (downside 1.618 Fibonacci Extension level). This price rebound allowed it to climb higher as it broke above resistance at $8,978 and rose above $9,000 to reach the current trading level at $9,132. Bitcoin currently now holds a market cap valuation of around $167 billion and it is still up by a total of 33% from the 2020 price lows.
Taking a look at the daily chart above, Bitcoin managed to increase higher after bouncing from the support at $8,672, provided by a .5 Fibonacci Retracement level. The rebound allowed Bitcoin to break above the $9,000 resistance level as it reached $9,132.
Bitcoin is still considered as neutral and would need to break above $9,500 before being considered even slightly bullish in the short term. It would need to drop beneath the support at $8,672 to be considered as being in danger of turning bearish. If the buyers push higher, the first level of resistance lies at $9,270 (bearish .382 Fib Retracement). Above this, resistance lies at $9,400 (1.272 Fib Extension), $9,500 (bearish .5 Fib Retracement), $9,676 (1.618 Fib Extension), and $9,741 (bearish .618 Fib Retracement). On the other hand, if the sellers push lower, support lies at $9,000, $8,762, $8,461 (downside 1.618 Fib Extension), and $8,250.
Article Produced By
Bitcoin Warrior
