Bitcoin Price Technical Outlook: Waiting for Breakout Confirmation at 9168.23

BITCOIN PRICE CHART – BTCUSD DAILY

Daily and 1hr 40 period Moving Averages have not crossed on the 10 period Moving Average, which indicates an uptrend can be expected to continue, the 1H Relative Strength Index suggests that the asset is almost overbought currently sitting at 68%, if markets start reacting to this signal we can expect more traders going short on BTC in the short term, however on the Fibonacci Retracement for the last uptrend that started May 13th we can see that the price has found a support level at 8619.88 in the last three days, a resistance level is also found at 9168.23 we need to await for a confirmation on the breakout in order to go long, price is still above the Ichimoku Cloud suggesting the uptrend will continue, Bollinger Bands are getting wider which suggest we might have bigger movements and volatility in the next few hours, once we get the breakout on the resistance level we can expect the price to continue its uptrend.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.