Bitcoin Price Analysis: Is there still buying conviction at these levels?
- Bitcoin is trading just under flat on Tuesday as the market stutters.
- The RSI is in an overbought zone but the price is still above the moving averages.
BTC/USD 4-hour chart
Bitcoin is stuttering at the 9K level as there seems to be a lull in the crypto market on Tuesday. The volume seems thin and the candles are doji like indecisive in nature. The price has also dipped under the 76.4% retracement zone which is very close to the 9K psychological level.
In a more positive light, the price is still above the 200 and 55 moving averages. This is considered bullish but they do seem to be closing in on each other and might cross in a bearish fashion. The relative strength index indicator is also in an extremely overbought position this could mean there might be a short term pullback but the trend is still an uptrend.
The bias for BTC is still looking positive but there could well be a pullback as there does not seem to be much conviction at these higher levels.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
