Bitcoin remains steady above $8,000 and the price has settled into a range between $7,700 and $8,500. Where Bitcoin moves next is unclear, however the moving averages still show a bearish bias.
The daily chart is bearish in spite of the recent bounce. Both moving averages are falling and the faster 34 EMA has crossed under the slower 89 SMA. BTCUSD is trading below both averages. Rallies will likely stall as they trade into these falling moving averages. The next generous target would be the 34 EMA, which is falling but currently valued at $10,650.
On the 4-hour chart, the BTCUSD bounce has stalled just above the 34 EMA. The price advance was halted by this moving average. If Bitcoin can break higher, the next target would be the 89 SMA valued at $9,340.
DISCLAIMER
This post is for information and illustrative purposes only. It is not, and should not be regarded as “investment advice” or as a “recommendation” regarding a course of action. You will make your own independent decision with respect to any course of action in connection herewith, as to whether such course of action is appropriate or proper based on your own judgment and your specific circumstances and objectives.