The bulls defended support at $ 9,000

The bulls defended support at $ 9,000

In our last analysis, we also wrote that bitcoin has been in the range of 9k -10K dollars a whole month, and after a week nothing has changed.

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6 Jul 2020 , 18:44 @ Matey Salt

The bulls defended support at $ 9,000

In the last seven days, we have seen several attempts to break support at $ 9,000, but the bulls have not allowed it.

In our last analysis, we also wrote that bitcoin has been in the range of 9k -10K dollars a whole month, and after a week nothing has changed. At first we could see a weak attempt by the bulls on July 1 to increase the price, but we did not reach even $ 9,300.

The bears started attack the day after, and the price tested support at $ 9,000. From July 2 to July 5, the bears tested the resilience of this border again, with the lowest price reaching 8893 (binance).

However, the support zone remained uninterrupted and today we can see a reflection of more than $ 300 upwards.

Technical analysis and its findings:

  • Positive for growth is the fact that strong current support at $ 9,000 has repeatedly bounced the price and confirmed the strength of bulls in this area
  • The negative for the price is that the RSI is on charts from 5M to 4H at a critical level overbought
  • On 1D we see on RSI Higher Highs and Lower Lows in price action, which means bearish divergence
  • We also have a strong resistance at $ 9,500 and then $ 10,000

Trading tips:

  • Open Long orders around $ 9000 SL 5%
  • Open Short orders around $ 9500 SL 5%

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    Matey Salt

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