Following last week’s market flash crash, Bitcoin (BTC) bulls have been trying to bounce back. Unfortunately, the RSI is still overextended and the top of the bounce was only a 9% increase from the bottom.
Bitcoin has set lower lows after the initial bottom of $7,800, something that shows a lack of strength for the bulls but also a lack of continuation for the bears as these 2 lower lows had no followthrough.
The 12-period EMA is all the way up at $8,649 and the bulls would need a lot of momentum to break above it. Their best bet currently is to set a higher low compared to $7,710, ideally at $8,000 or more and then seek continuation.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.