Let’s kick off a slow Wednesday with technical analysis for the three big Bs: BTC, BCH and BNB. Even though crypto markets may look like they are snoozing, the indicators are very much alive.
Bitcoin Price Analysis (BTC/USD)
BTC/USD has corrected gains to trade above resistance level $10501.68. An attempt to break above $10718.57 (R) level was also seen. However, there seemed to be a rejection of a much higher price level, since sellers seemed to fight to take the position and take over the market movement. The RSI indicator that moved from the overbought region to trade above level 50 reflected an increase in selling pressure. Contrary there is still some hope for a further upward rally since the RSI is still above 50 levels, thus bullish mode is quite stable.
Afterwards, a bullish trend line was formed (A) that signified the bullish outlook. The price moved from an opening price of $10390.95 to the current price of $10542.10 that showed a slight gain by 1.43% over the last 24hrs.
Bitcoin Price Prediction (BTC/USD)