Bitcoin [BTC/USD] Technical Analysis: Short-term recovery threatens bear’s position

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Bitcoin [BTC] has recently bounced back, tracing a recovery from the bearish zone and providing a positive sentiment to the investors. However, even as the coin has orchestrated its temporary escape from the clutches of the bear, the price still has a long way to go before it reaches further bullish momentum.


An uptrend is visible from the $6,220 – $6,325 range, with an accompanying uptrend from $6,380 – $6,530. This is counteracted by the downtrend from $6,530 – $6,355, which is testing supports at $6,320 and $6,220. Resistance levels are set $6,390 and $6,530.

The Awesome Oscillator is bullish and moving upwards as seen by the green bars on the indicator.

The Klinger Volume Oscillator is also demonstrating a bullish crossover after the bearish move, suggesting a possible recovery.

The RSI recently recovered from the oversold zone, demonstrating that the coin has regained its buyers.


The uptrend is providing a support from $6,185 – $6,270 – $6,335, with a downtrend from $9,800 – $8,390 – $6,500. The $5,850-mark is set as the last support, with a primary support line at $6,145. Resistances are set at $6,525, $6,750, $7,335 and $8,385.

The Parabolic SAR is bearish, as evidenced by the presence of the dots above the candlesticks.

The MACD is moving closer to the signal line and might indicate a possible bearish crossover in the near future.

The Stochastic RSI is demonstrating a possible entry point, which might indicate a bounce upwards.


Bitcoin might see a short recovery to the upwards direction, and continue to test its short-term resistance. However, if the bear continues to exert its power on top of reducing investor sentiments. Resistance levels are set at $6,390 and $6,530.

The post Bitcoin [BTC/USD] Technical Analysis: Short-term recovery threatens bear’s position appeared first on AMBCrypto.

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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .

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