Bitcoin Price: Strong Bounce at $6.5K Enough for a Bullish U-Turn?
Cointelegraph By filbfilb's original article for cointelegraph.com reduced by 72%
Bitcoin failed to close the week above the 100-week moving average of $7,400, which has typically spelled trouble for the price of Bitcoin. Price has ultimately found support at a previous highly traded volume node on the Volume Profile Visual Range, or VPVR, just below 65% of the retracement from the 2019 highs of 14K.The bounce has also come from around the same price point that saw a very strong reaction back in May 2019.The Moving Average Convergence Divergence indicator, or MACD, still implies that there is bearish momentum. The daily chart is a little more useful in identifying the trend in the price of Bitcoin.
So there is a possibility that Bitcoin will need to do more business in the $6K price region. Looking at the 4-hour bitcoin chart as an immediate guide for how the rest of the week may play out, it's clear that Bitcoin has run into some resistance at $7,400, in the vicinity of the 100 WMA.Breaking and closing the week above this level is the main task for the bulls this week. SummaryOverall, the price of Bitcoin has again responded positively following a selloff.
For the bullish scenario to proceed, Bitcoin would need to regain the 100-week moving average at around $7.4K in the near future.
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CN [too long; didn’t read]
Summarised crypto news.