BTCUSD (1H) - short term bullish bias
The bitcoin has reached the November low of 6535. While sentiment remains bearish for the medium term, we may expect a short-term rebound as sellers take profit and buyers buy the dip. The RSI has recovered from the over-sold area and suggests a pause in the sell-off after its over-extension. The 20 and 30-hour moving averages are likely to act as resistance during the pullback. A break above the immediate level of 6730 could send the price higher towards 6880.
Key support: 6535
Key resistance: 6730
The bitcoin has reached the November low of 6535. While sentiment remains bearish for the medium term, we may expect a short-term rebound as sellers take profit and buyers buy the dip. The RSI has recovered from the over-sold area and suggests a pause in the sell-off after its over-extension. The 20 and 30-hour moving averages are likely to act as resistance during the pullback. A break above the immediate level of 6730 could send the price higher towards 6880.
Key support: 6535
Key resistance: 6730
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.