BTCUSD (1H) - short term bullish bias
The bitcoin has reached the November low of 6535. While sentiment remains bearish for the medium term, we may expect a short-term rebound as sellers take profit and buyers buy the dip. The RSI has recovered from the over-sold area and suggests a pause in the sell-off after its over-extension. The 20 and 30-hour moving averages are likely to act as resistance during the pullback. A break above the immediate level of 6730 could send the price higher towards 6880.
Key support: 6535
Key resistance: 6730
The bitcoin has reached the November low of 6535. While sentiment remains bearish for the medium term, we may expect a short-term rebound as sellers take profit and buyers buy the dip. The RSI has recovered from the over-sold area and suggests a pause in the sell-off after its over-extension. The 20 and 30-hour moving averages are likely to act as resistance during the pullback. A break above the immediate level of 6730 could send the price higher towards 6880.
Key support: 6535
Key resistance: 6730