BTCUSD - 4h Chart Analysis
After it was dropping since the 8th of November, the price has managed to break the 20 days Moving Average for the first time in 4 days and it seems to start a slight sideways movement for the short term.
From the technical perspective the RSI has a neutral position, the Stochastic is indicating that the price may decrease while, according to the MACD, we can consider that there is still more room for a small increase.
Based on the trading volumes which seem to be slightly rising but also on the fact that after the price has crossed the 20 days Moving Average, a green candlestick was fully created we can consider a continuation of the ascending trend with a target price at 6485$.
On the other hand, if the price will go below the 20 days Moving Average, it will mean that the price attempt of changing the direction will be failed and a reasonable target price for this scenario will be 6389$
From the technical perspective the RSI has a neutral position, the Stochastic is indicating that the price may decrease while, according to the MACD, we can consider that there is still more room for a small increase.
Based on the trading volumes which seem to be slightly rising but also on the fact that after the price has crossed the 20 days Moving Average, a green candlestick was fully created we can consider a continuation of the ascending trend with a target price at 6485$.
On the other hand, if the price will go below the 20 days Moving Average, it will mean that the price attempt of changing the direction will be failed and a reasonable target price for this scenario will be 6389$
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