Bitcoin price hit our target last week and indeed went a bit higher than our intended target. Bitcoin price touched $9,200 before retesting the previous support, $8,714 which is now the resistance. We presently have a pullback but not confirmed to be a retracement. At the MACD section, we noticed the downwards cross of the MA’s but still above the zero mark. Before we can guarantee the next move we can ensure that bitcoin price crosses upwards. Take caution in your entries as bitcoin price might be forming a head and shoulder pattern soon.
Looking at the technical indicators:
Major Support Level – $8,277
Major Resistance Level – $8,714
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