Bulls need to close the UTC daily candle above $ 12,000 in order to resume the rally that began in April this year, CoinDesk Markets analyst Omkar Godbow believes. Nevertheless, he does not exclude that overbought on a 4-hour chart may interfere with this scenario today.
So, on August 6, the price of bitcoin at high volumes surpassed the $ 12,000 mark, but then again fell below it. Closing the day above this milestone will confirm the breakdown of the downward channel, says Godbowl. In favor of this development of events, the analyst points out, the movement of 5- and 10-day moving averages (MA) says. The 14-day RSI also supports this scenario.
CoinDesk Markets Data
Thus, the next resistance level is July 10 maximum – $ 13,200.
On the 4-hour chart, the situation is not so rosy. RSI is overbought and is in the zone above 70, and the MACD indicator forms downward highs, which contradicts the upward highs on the price chart – a bearish divergence. In this regard, Godbowl believes, it is undesirable to exclude the possibility of correction to the area of $ 11,800 – $ 11,600.
CoinDesk Markets Data
At the time of writing, the price is already being traded in this range.
The scenario in favor of buyers will need to be completely reviewed if the price drops below $ 10,545, the analyst concluded.
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