After price was rejected at $8,500 two days ago, it has since struggled to determine which direction it will head next. There has been lots of speculation for downside and upside potential but neither have yet been confirmed. With the amount of speculation of the bull run activated, a large amount of money has been since invested into Bitcoin, being the most likely reason price has been able to hold fairly steady and reject a sell off or a major push higher.
On the 4hr chart it is obvious of a base that formed at $8,100 where price has previously found support/resistance which allowed price to bounce steadily back to $8,270. This small base and steady bullish movement away from this area could be enough to result in a retest of $8,500.
This upswing is slow with not a lot of momentum. Bitcoin needs a breather to make a new strong upswing.
Yes that would be awesome!!
Very interesting thank you @stevewakeham
If we go below the 70% rsi and still hold these prices we might move aboe the 61% Fibonacci retracemetn line, then if there is a break out at that point and we stay under the overbought area, then we might go into the so called Bull run, but we need to wait, probably I see a retracement into the 30-50% rsi area before we can move higher again. Just my two bits.