Bitcoin bulls aim to take ask liquidity toward $65,000 with BTC price strength cautiously returning.
BTC/USD 1-hour chart. Source: TradingViewBitcoin’s Relative Strength Index reading on 4-hour timeframes hit its lowest levels since August 2023 — also the last time that BTC/USD also gave up bull market support lines such as the
“Yesterday was the largest net selling day in Bitcoin in over a year. RSI levels also hit levels not seen in a year.”“I think that would be a good level in the short term to target and see how the market looks by then. Invalidation is losing the range low at ~59K.”Talk of the psychological — if not physical — impact of the Mt. Gox bankruptcy proceedings continued to circulate.
"We think there will continue to be selling pressure in the market as markets try to digest what 140,000 BTC means for markets and prices that in," trading firm QCP Capital wrote on the topic in part of its latest update to Telegram channel subscribers. "Existing Mt Gox creditors are probably unhedged given how expensive it is to hold perp positions and option positions for long periods of time."QCP noted that BTC price had bounced near its 200-day exponential moving average , currently at almost exactly $58,000. The last time BTC/USD traded below that trendline was in OctoberFellow trader Skew nonetheless warned of ongoing strength for the U.S.
“If we now get a three wave retracement, ideally to around the 0.618 Fib then we would expect a further 5 waves down as a minimum, which would give risk assets a further boost.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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