Analytics

BTC: Manipulation By Market Makers In Short Periods Is Obvious

bitcoin

The current trading price is close to the 23.6% Fibonacci retracement of the recent fall from a high of $ 7,797 to a low of $ 7,068, and the price is currently consolidating losses. In addition, on the hourly chart of the BTC / USD currency pair, there is a short-term contraction triangle formed with resistance close to $ 7,220. It seems that the price of Bitcoin may break through the triangle resistance and break through the $ 7,300 resistance.

The next resistance is near $ 7,320 and the MA100. The main resistance is near $ 7,360 and $ 7,380. The 50% Fibonacci retracement level, which recently dropped from a high of $ 7,797 to a low of $ 7,068, is also near the $ 7,440 level.

As you can see from the chart, the price of Bitcoin is clearly back in the bearish zone, but may rise again to $ 7380 or $ 7400. Conversely, it may test or trade support below $ 7,000.

Technical indicators:
MACD per hour is slowly entering the bullish zone.
Hourly Relative Strength Index ( RSI ) — The relative strength index of BTC / USD is currently rising and may break above the 50 levels.
Major support levels — $ 7,100, then $ 7,000.
Major resistance levels — $ 7,380, $ 7,400 and $ 7,580.

Key point:
Short: $7,400-$7,450
target $7,250–7200
stop loss $7,550.

Enter $7,200,
target $100-$150
stop-loss $80

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