Bitcoin - Near Term Price Action Forecast

Bitcoin - Near Term Price Action Forecast

At the moment BTC has risen above the 200 period moving average, and sustained a move above the R1 resistance price pivot point These are positive signs.

Volume is just OK.
RSI - Approaching overbought short term
Soch RSI - Indicates we may have room to run upwards longer term.
MACD - Warns of potentially over bought medium term

The present challenge is to close a 4 hour candle over the Fibonacci line at 8203. If this fails in the short term look for a retrace to 7829. A retrace to 7829 would be healthy in the short run for this upward move to stay intact.

Provided the above comes to pass the next upward target is 8892 - 9017

Upward Resistance / Support Levels

11600
10432
9580 - 9766
8892 - 9017
8203

Downward support / Resistance levels

7829
7670
7722
7223
6224
5131
4582

Please, Don't forget to upvote and Follow Me, It's additional encouragement for me to share my work.

All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.

Wishing you success,

Isaac

CryptocoinAdvisor.com Free Charts, Trading, Investment Information
My work can also be seen on Tradingview
Get Your Own Tradingview Charts
My Free Newsletter
Check Out The AI Trading Bot I Use
My Steemit - Decentralized Blockchain Based Blogging