BTCUSD (4H) - medium term bullish bias
Following three tests of the 7800 psychological level, a combination of profit-taking and fresh buying has stabilised the cryptocurrency between 7800 and 8700. Last week's diverging RSI was a sign that the price action could turn around soon, which was confirmed by a strong bullish momentum above the 8100 resistance. The faster MA is crossing above the slower one as further indication of aggressive buying. We expect the bitcoin to consolidate before breaking above 8400.
Key support: 8100
Key resistance: 8400
Following three tests of the 7800 psychological level, a combination of profit-taking and fresh buying has stabilised the cryptocurrency between 7800 and 8700. Last week's diverging RSI was a sign that the price action could turn around soon, which was confirmed by a strong bullish momentum above the 8100 resistance. The faster MA is crossing above the slower one as further indication of aggressive buying. We expect the bitcoin to consolidate before breaking above 8400.
Key support: 8100
Key resistance: 8400