Since our previous BTC price analysis, Bitcoin has completed a decent bull run surpassing 50 and 200 days moving averages’ resistance at $6530 and $6670, and is now consolidating on top the ascending trend-line.
Later today, at 15:00 UTC, CME’s futures expiration will take place. Since opened on December 2017, CME is the bigger futures exchange our of the two (CBOE is the second). This event can have a major effect to either side. Here is a Bitcoin 1-Minute chart from the last expiration event:
- Bitcoin is now facing the $6800 resistance area, where it failed to overcome a week ago. Breaking it up will likely to send BTC to its next resistance level at $6950 – $7000 area (long-term descending trend-line along with resistance level at $7000). Next resistance level lies around $7300 – $7400 (last significant high on the weekly chart).
- From the bear side, support lies at ~$6650 (200 days moving average – pink line on the chart below), $6600 and $6500.
- RSI levels are at their high. Market is overbought and might need some air or a little correction before continue up.
- As a reminder: To declare an end to the long-term bear market, Bitcoin will need to create a higher low and break past $7300 (the last major high on the weekly chart).
- Bitcoin short positions on BitFinex are starting to gain a bit, but not something significant.
- Trading volume is in favor of the buyers, we can also tell it by the OBV (On balance volume) indicator which is raising and indicating on money getting into the BTC market.
Bitcoin Prices: BTC/USD BitFinex 4 Hours chart
The post Bitcoin Price Analysis Sep.28: Bullishness ahead of CME futures exp? appeared first on CryptoPotato.
Source: Crypto Potato