Where to next for Bitcoin?
Price bounced off its 21-day EMA to finish above the 200-day SMA. The $49.2k resistance (former range support) is providing some stickiness for bulls to take price higher. The RSI has moved out of overbought territory and approaching the 55 level of support which ensure price dips were held and we didn’t see a reversal of the uptrend. There is some negative divergence that’s formed, leading to some loss of steam on the momentum front. Targets - to the upside are $49.2k (decisive close above) and the $52.775k mark which was former range support earlier this year. On the downside targets are the 21-day EMA and 200-day SMA providing support at roughly $46k and the former range resistance at $41k. There is minor support at 44K too.
The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our clients.
Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.