RATE Group | Two Veteran Traders See Bullish Signs With Bitcoin Rebounding to $8.5K
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Two Veteran Traders See Bullish Signs With Bitcoin Rebounding to $8.5K

24 Jan Two Veteran Traders See Bullish Signs With Bitcoin Rebounding to $8.5K

Posted at 23:31h in Bitcoin News by

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Bitcoin (BTC) bulls are attempting to start the weekend on the good foot by pushing the price to $8,500 and above.

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

In the past 24 hours, Bitcoin price bounced off the 200-day moving average (DMA) at $8,200 and, as suggested earlier, an oversold bounce on the shorter time frame provided traders with the opportunity to buy the dip and push the price to $8,500.

Will Bulls flip the $8,500 resistance?

At the time of writing, Bitcoin is still pinned beneath the 50-period exponential moving average (EMA) and it’s possible that the former support at $8,500 will now function as formidable resistance.

Some positives are: the 4-hour timeframe shows the moving average convergence divergence (MACD) in the midst of a bull cross and the histogram has flipped positive by printing a green candle above 0.

BTC USD 4-hour chart. Source: TradingView

BTC USD 4-hour chart. Source: TradingView

The relative strength index (RSI) is also at 48 which is close to bullish territory. Traders will note, however,…

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