#Bitcoin on Friday recovered more than 3 percent from its intraday low near $6,800. The BTC/USD began the day continuing to its steady upside recovery and reached as above as 7020-fiat during the early Asian trading session. The bounce back could have been more effective had it managed to break above 7000-fiat for a more extended period. But as the European session came into play, traders visibly started exiting their positions around 7000-fiat – verifying it as a strong selling area. As a result, the pair dropped and formed lower lows towards 6883-fiat, on which it is now attempting a bounce back towards the intraday high. BTCUSD Technical Analysis On a 4H BTCUSD chart, BTC/USD continued to trend inside the #risingwedge pattern, hinting the near-term bounce and reversals as part of extended upside #momentum. Nevertheless, the wedge also draws potential breakout levels for us to consider, to define our positions and stop losses likewise. There is a likelihood of pair to stay inside the channel for near-term, but a breakout towards either direction – traditionally – could mean a strong upside/downside momentum (~$700). As the same time, BTC/USD seems to have found a decent support near its 200H moving average. The 100H MA, meanwhile, is hinting to cross above the 200H MA, which – again traditionally – could mean an extended #bullrun. The last time a crossover like that had happened, and the price had jumped as high as 8512-fiat. The #RSI indicator on 4H charts has recovered immensely following the latest upside correction, now inside a decent buying sentiment area. The Stochastic Oscillator, at the same time, has also recovered from the oversold conditions. Overall, the interim conditions point to a #bullish bias. BTCUSD Intraday #Analysis The latest fall and its responsive recovery have brought us inside a new range, defined by 7020-fiat as our interim resistance level and 6847-fiat as our interim support level. To begin with, we have entered a long position towards 7020-fiat in our hopes to retest the intraday high amidst a decent medium-term bulling sentiment. #cryptonews #btcnews #eth #ltc #bch https://www.instagram.com/p/BnJvkXaFhtX/?utm_source=ig_tumblr_share&igshid=10hi2p1f62owv
