BTC Short-Term Contract Operation Range Is $7,250-$7,000

Yesterday, the market had a “rare” incremental rebound, Bitcoin returned to the $7,000. a golden fork appeared on the day chart, and it stabilized above $7,000 in a short time.
In addition, in recent days, we must pay close attention to changes in trading volume and inflow and outflow of funds. If a breakthrough is to be formed upwards, the trading volume should be gradually released and the turnover rate becomes larger, which is more conducive for bulls to break through the key pressure level.

from the day chart, the price stands above MA10. the MA5 and the MA10 are about to form a golden fork. After the market arrived at the Boll mid-rail, it began to oscillate. If it can successfully stand on the mid-rail, the market will continue to increase and test the $7,400 resistance.

on the 4hrs chart, the MACD runs below 0 axis, and the increment of the kinetic bar also gradually weakens. After the fast and slow lines clearly intersect, its’ opening expands. There is a wave of a rise in the short term. There are signs of adhesion near 90, but it is in the overbought zone and is prone to the risk of needle insertion.
Both RSI and Stoch are showing a strong offensive trend.

One side short term tips:
Long: $7,050-$7,100, the target $7,200-$7,250 stop-loss: $6,900

Welcome to Bexplus! Subscribe us for the latest analysis on the cryptocurrency market.

Join us: