Bitcoin slowly pays up, with the goal of restoring the moving average for 200 days, but the price is still stuck below. Looking at the morale of the futures market, the collapse or the next rejection may cause great fluctuations.
Technical analysis
Daily chart
As The Daily Chart, BTC has been able to recover from the sale of March and is now trading just less than 200 DMA, which is located around the 88,000 dollar sign, which acts as a strong dynamic resistance. The last structure shows the highest levels and bottom higher in the short term, but the price is still less than $ 88,000.
Buyers need a clean daily closure over this area and the moving average for 200 days to open the door toward 92 thousand dollars and in the end, the level of 100 thousand dollars. If the price is rejected again, the $ 80,000 area will be a key to keep the recovery structure.
The graph for 4 hours
In the time frame for 4 hours, Bitcoin was broken over the long -term counterattack line and is merged slightly less than the show area from 86 thousand dollars to 88 thousand dollars. The structure shows its highest level and its highest level, indicating the bullish momentum.
However, the price movement was recently cut, with multiple rejection operations from the $ 86,000 region. The relative strength index is gradually rising, but it has not yet reached peak in the peak, which means that the bulls still have fuel, but they need to show the condemnation. A certain interruption may lead above 88 thousand dollars to a rapid gathering in the coming weeks.
Feelings Analysis
Open attention
Looking at the morale of the futures market, the open interest is climbing again, and it now sits about 28 billion dollars as the price hovered around the mark of 85 thousand dollars. This growing OI direction indicates the growth of speculative activity in the derivative market.
Historically, the acute increases in OI are often preceded by the side or slightly ups of the large fluctuations. If the market is rising, then the long stacked positions may nourish the pressure on the upper direction. But if the resistance holds and the price is reflected, it is likely to be a long filtering chain. Either way, the next main step is likely to be amplified through this accumulation in the leverage.
Post -Bitcoin Prices: How BTC can escape from the current monotheism range first appeared on Cryptopotato.
