Technical Analysis: Bitcoin (BTC) Price Recovery Hasn’t Been Convincing
Following last week’s market flash crash, Bitcoin (BTC) bulls have been trying to bounce back. Unfortunately, the RSI is still overextended and the top of the bounce was only a 9% increase from the bottom.
Bitcoin has set lower lows after the initial bottom of $7,800, something that shows a lack of strength for the bulls but also a lack of continuation for the bears as these 2 lower lows had no followthrough.
The 12-period EMA is all the way up at $8,649 and the bulls would need a lot of momentum to break above it. Their best bet currently is to set a higher low compared to $7,710, ideally at $8,000 or more and then seek continuation.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.