Bitcoin Relief Rally Continues [Bitcoin Price Update 2/7/2018]

Bitcoin's rally off of $6,000 has found legs and is moving higher. The next level of resistance is the 4-hour 89 SMA at $9,780 and falling.

The daily chart shows BTCUSD heavy volume reversal. Bitcoin looks to gain strength before testing its daily chart falling moving averages. The 34 EMA is currently valued near $10,900 and falling. This moving average is a zone of resistance and will continue to fall until the Bitcoin price meets it.

The 4-hour chart is also showing bullish life. BTCUSD has retaken its 34 EMA at $8,123, and the Bitcoin price is consolidating at this moving average. A break higher will bring the 89 SMA into target, which is currently falling and valued at $9,700. A price level of $9,400 is a strong zone of resistance.

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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.