Bitcoin broke down once more, yet our support (marked green from previous analysis) held nicely and price quickly bounced after hitting $3462 as a low.
We see a bullish hammer and some strong bullish divergence coming up on the MACD.
The rsi+Mfi indicator is also giving a buy signal, coupled with the bullish MACD crossover. A small catalyst is needed and Bitcoin can make a jump.
As for support and resistance levels for Bitcoin we have the following:
SUPPORT: Same green area as before. If BTCUSD moves down, this is where it will find support. If it breaks, the next support is sitting at $3383 followed by $3223 on this time frame.
RESISTANCE: On the way up, the immediate resistance is at $3674 marked by EMA50 (magenta), followed by $3870 next.
You believe that Bitcoin can now move up after testing support, or you think that Bitcoin will test this support again and break?
Let me know in the comments section...
Namaste.