Over the past 24 hours, the bitcoin rate has recovered and increased by 4%, but the bearish trend is still there.
The bitcoin rate is now below the downward trend line, which connects all peak values since the beginning of the month. At the moment, it fluctuates around 50% of the Fibonacci retracement level.
In the event that the resistance at this level can not be overcome, the price may again fall back to $ 6100 or lower. The 100-hour moving average is still below 200 hours, telling us that the path of least resistance lies through the bottom. The gap between these moving averages increases, which means that the bears continue their pressure.
The relative strength index rose significantly yesterday and reached the overbought zone. Now he comes back from it, signaling that the bulls are exhausted. The same situation is observed with a stochastic oscillator. Judging by these two indicators, the recovery is unlikely to continue, and the bears are likely to prevail again.
Bears or Bulls
However, if it succeeds to break the trend line, it will be possible to pull out the price by 61.8% of the Fibonacci retracement level – the $ 6800 mark. The next target is the dynamic resistance level, represented by a 200 hour moving average. In the event that these two important marks are overcome, we can talk about changing the bearish trend to a bull.