BTC/USD-Analysis 07/01/20

BTC/USD-Analysis 07/01/20

By Infospreneur | cryptorentals | 7 Jan 2020


D1 Graphic:

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The price is currently supported by the RSI trend from a daily point of view, with the break of a major resistance at 7512$. Therefore, even though EMA 9 and EMA 18 are giving us a bullish signal, price tends to be rejected by EMA100 an EMA200, as the tensions between USA and Iran are starting to relax, which may have a bearish effect. If this scenario happened, we should watch for the 7512$ support. If breaked, the next major supports will be at 7000 and 6450$

 

H4 Graph :

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The RSI formed a double top near the overbought level, which may be an interesting entry for the bears. The objective is at least the EMA9 with a high probability to see the EMA 18 touched before having a bullish momentum. Otherwise, the bearish target is at least the 7512$ major support, which have been breaked because of the geopolitical tensions.

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