Bitcoin (BTC) likely to retest $87,500 support zone... Short signals dominate mid- to long-term
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Summary
- Bitcoin (BTC) is likely to retest the annual opening price support zone of $87,500.
- Short (sell) signals still dominate in mid- to long-term timeframes.
- For a meaningful rebound, the weekly RSI must exceed 41/100, and the weekly close must finish above the 50-week moving average ($101,500).
Bitcoin (BTC) is highly likely to retest $87,500, the annual opening price level, despite attempts at a short-term rebound.
On the 7th (local time), crypto-asset (cryptocurrency) specialist media Cointelegraph reported that Material Indicators co-founder Keith Alan said, "BTC is currently continuing attempts to defend the $92,000 support line, but whales appear to prefer testing a lower support zone."
He said that while a golden cross could form on the daily chart, short (sell) signals remain dominant on mid- to long-term timeframes.
The report explained, "For BTC to enter a meaningful rebound, the weekly relative strength index (RSI) must exceed 41/100, and at the same time the weekly close must finish above the 50-week moving average, $101,500."
Accordingly, while the possibility of a short-term technical rebound is open, analysis says additional conditions need to be met for a structural trend reversal.
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