Bull suppression under $8,000 continues

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  • source link Bitcoin stays under $8,000 as the dust settles following the drop on Friday.
  • The SMAs suggests a lower consolidation even as a descending trendline limits upward movement.

Bitcoin bulls have decided to stay in hibernation all weekend long. All advances towards $8,000 have been thwarted by the prevailing selling pressure. At the time of writing, BTC/USD is trading at $7,942. Bitcoin has corrected lower 0.25% on the day amid high short-term volatility.

The Relative Strength Index (RSI) is pointing upwards towards the average. This shows that bullish momentum is growing. Similarly, the Moving Average Convergence Divergence (MACD) trend puts emphasis on the momentum.

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Consequently, as long as the 50 Simple Moving Average (SMA) on the four-hour chart stays below the 100 SMA, Bitcoin will continue to suffer under the tight grip of the bears. Also limiting movement is the long-term descending triangle resistance. On the downside, $7,800 is a viable support area but further declines are likely to find support at $7,700 (previous support).

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BTC/USD four-hour chart

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