Happy new week to everyone. Bitcoin is indeed moving in a good direction for us.
Though what expected last week was a climb but it didn’t come with the momentum we expected.
The same opportunity still presents itself this week as we see that bitcoin price is consolidating along the 200 moving average and our MACD histogram is also showing a build up of momentum as it shrinks.
The MACD movement is presently overbought.It moved downwards a bit to retest the new support at $9,282 where the consolidation (argument between buyers and sellers) is taking place.
A MACD upward cross is pending and we expect the cross to happen soon with our targets being $9,785.
Bitcoin price might surpass $9,785, though we don’t expect this to happen soon.
Looking at the technical indicators:
- Major Support Level – $9,282