Hello everyone, I hope you're having a good day.
I'm bringing you a quick technical analysis on Bitcoin,
so let's see what's currently happening in the crypto market
https://www.tradingview.com/x/bt0nVzcG/
At the moment of writing Bitcoin is finding itself in a trading range and has effectively been moving sideways for the last 11 days, indicating market indecision. We have seen resistances as high as $6650 whereas the lowest support is at $5850-$6000. That means the annual bottom of around $6000 has held at it's latest retest and BTC is now trending upwards while being unable to break resistance at $6650.
We can conclude that the support zone from $5850 to $6000 is still holding very strongly.
When looking at the indicators on higher timeframes, several bullish arguments can be found that may forecast an increase in price at least for the short to medium term:
https://www.tradingview.com/x/gkZzEXgp/
The RSI shows us a bounce off of the 30 mark, signaling that BTC is gaining in strength and that it has a lot of room to go up.
The MACD line is about to cross the signal line as soon as the histogram is moving above the 0-mark which furthermore indicates that we may be at the start of an uptrend.
Nevertheless, one very worrying sign for the bulls is the remarkably weak volume of Bitcoin's latest move upwards. This may be the result of the traditionally low trading volume in August, but if Bitcoin fails to hold the $6k level it is very likely to make lower lows in terms of price action.
This leaves resistance at $6650 and support at $6000 as most important regions to watch.