After a week, the bitcoin market looks promising again and the bulls have taken it back into their own hands.
Bitcoin has not dropped below more than $ 8,700 (binance) in the last week, and we’ve been under $ 9,000 only 3 days. The bulls overcame the resistance at $ 9K on May 27, and we jumped a day later to $ 9,500 area. As we wrote in the last analysis, overcoming $ 9K really worked as a strong impuls for the recovery of the bulls and the market was more optimistic.
So far, we record a daily maximum of $ 9740 (binance), and if the bulls keep the price and do not fall below $ 9500/9000, there is a good chance that after several unsuccessful attempts, we will overcome and then maintain the magic limit of $ 10,000 for a longer period.
Technical analysis and its opinion
- The RSI is currently in the neutral trade zone with values around 50
- Bitcoin was every time pushed down in the $ 9500 / $ 9600 area since May 29, and temporary resistance has developed there
- If the bulls manage to keep $ 9,500 for more than 2 days, it will be a strong impuls for the next growth
- If we fall below $ 9500, the bears will test the new support at $ 9000 and then market decide
- Trading volume has been unconvincing for the last 24 hours, it is enough for one big seller to appear and the price will move, so be careful
- Average LONG orders – 1. around 9500$ , 2. 9000$, last 3. 8400$ SL 5% set only here
- SHORT orders we will not open this time
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