Can Find Power From Bitcoin Supports

The progress in the descending channel continues

Bitcoin 9,333.18 USDT (0.14%)

We say hello to the horizontal cramped band, which we have been beating in Btcoin for a long time. Even though there is no technical breakdown yet, our basic variations support the upward trend. For this, we expect the support to decline and create opportunities for purchase. As we mentioned in yesterday's "Bitcoin basic and technical strengthening" article, the increase in the balances in BTC wallets shows support formations in the 8,000-10,000 consolidation zone.

When we consider bitcoin technically; The descending channel formed in the transactions stuck in this consolidation range, which we mentioned above, gives us some clues. First, the intermediate support zone has formed a strong support of 9,100-9,300, followed by 8,700 USDT and may offer gradual purchases for bullish responses. For this reason, BTCUSDT withdraws towards these supports and action can be taken against the possible reactions, provided that stop loss is used against a possible breaking and news effect. From the horizontal indicators, RSI and Stochastic have started pointing upwards from the overseas region close to the support of 9,100 USDT. The same signal coming from the% R indicator may also be a preliminary signal for prudent investors.

BTC, 4-Hour chart