the daily chartist

Bitcoin searches for new highs

published 11 months ago
Bitcoin Daily

 The price has managed to bounce back again from the demand zone between 6206 and 6000 and Bitcoin continues to show resilience against the Bears which are struggling hard to push the price even further down. The level of 6000 has turned itself into a psychological barrier, which has kept the price in a tight range, though still within the overall downtrend. This support zone has led for the price to start making a new leg up towards the upper trend line around 6930. For me, the price will attempt a push towards 7000 or at least towards 6900 and will turn again South as renewed pressure from the Bears will subdue the price again with downtrend movement towards the demand zone one more time. Have in mind CCI and StOCH are reaching their overbought levels as well, so be on the watch out for these. Longs are still good enough to catch an impulse up for a fast short-term profit, but always use a stop loss for any sudden sentiment shifts and the volatility to "kill you".