The price of bitcoin is in the bull zone, which may mean the completion of a long correction.

The 100 hour moving average is still above 200 hours, which means that the path of least resistance lies through the top. That is, the long-term growth trend is likely to continue. However, the gap between them decreases, which signals a decreasing pressure of bulls.

The course is also preparing to overcome 61.8% of the Fibonacci level and an important psychological mark of $ 7000, but the strength of bulls may not be enough to permanently consolidate the trend towards growth. The trend line, connecting all the lower levels of July, can be a serious obstacle and pull the price down, up to $ 5,800.

The relative strength index rises after a long stay in the overbought zone, this shows that the bears took a break, but this does not mean that they will not again rise to their feet. The stochastic oscillator also says the same thing. However, all these indicators give signals that the bulls are slowly gaining the upper hand.

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21.01.2021, 02:07