Bitcoin Technical Analysis: Bitcoin might get stuck and It needs to take out this level

Bitcoin has pulled back from lower levels and trades 1.4% higher today.
There could be some traffic coming up and the bulls need to take out 8K.

Rajan Dhall, MSTA FX Daily

BTC/USD Daily Chart

Bitcoin is performing well at the moment after hitting a low of 6,430 last week.

There are a few bullish points on the chart. One is the divergence on the RSI indicator that makes a higher low when price made a lower low.

This is often a good signal for a move up or that the move lower is running out of stream.

Now the consolidation wave high of 7,870.10 (8K) needs to be taken out to confirm any break higher.

Before that the 55 day EMA needs to be taken out also. Beyond there, there is the 200 day EMA and channel high that could act as resistance.

Additional Level

BTC/USD

Overview
Today last price	7687.7
Today Daily Change	176.14
Today Daily Change %	2.34
Today daily open	7511.56

Trends
Daily SMA20	7230.44
Daily SMA50	7830.46
Daily SMA100	8323.73
Daily SMA200	9301.98

Levels
Previous Daily High	7521.3
Previous Daily Low	7125.12
Previous Weekly High	7452.54
Previous Weekly Low	6432.05
Previous Monthly High	9580.19
Previous Monthly Low	6526.82
Daily Fibonacci 38.2%	7369.96
Daily Fibonacci 61.8%	7276.46
Daily Pivot Point S1	7250.69
Daily Pivot Point S2	6989.81
Daily Pivot Point S3	6854.51
Daily Pivot Point R1	7646.86
Daily Pivot Point R2	7782.17
Daily Pivot Point R3	8043.04

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.

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