Analytics

BTC: The Bull Flips With New Support $7,350

The bitcoin bulls sentiment surged early yesterday, and the price refreshed the intraday high all the way up to the highest position of $7,400. The upward trend continues this morning. The price retreated after breaking the $7,500 area, and it moved down the $7,400 to test new support near $7,350.
After the market rebounded quickly and recovered the $7,350 support, which was further strengthened and about to rise in the short run.

The trend remains in the upper rail in the Bollinger Bands . The upward test of the price was blocked near the upper rail position, the trend moved above the MA5 . At present, the bulls have insufficient energy and are blocked in the 7400 area. It is a high-level fall to adjust the posture. Once the situation is stabilized in the follow-up, the bulls are alleviated to a certain extent, and the falling power is exhausted. Prices will rise.

In the four-hour chart, after breaking the upper rail position of the Bollinger Band , the trend did not run steadily in the upper area but instead consumed the energy of the bulls in the continuous upward attack. The current trend is blocked by the MA5 . Although the moving averages are bullish and the Bollinger Bands open upwards, the trend is still restricted and adjusted at a low level.

Key Points:
Long: $7,300 stop loss $7,200, take profit $7,400-$7,450;
Short:$7,500 stop loss $7,550, take profit $7,400;

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