Bitcoin (BTC) has been holding steady for the past few days, and is looking pretty positive on the LTF charts. But the lack of volume seems to be preventing the leading crypto from taking the next level.
Starting on the 4-hour chart, we see that Bitcoin quickly bounced out of the clear inflection zone that formed in the local structure. This is bullish, although we did not see any strong buying come in to take advantage of the signal.
Bitcoin here is still holding the 8 EMA, which is also bullish. The RSI trend looks poised for a break up, and the histogram down-momentum seems to be turning already. We could easily see a break to the next level today if buyers come in.
However, moving to the daily, we see a less strong picture, mostly because of the indicators. The RSI uptrend of higher highs and lows, although still pretty much intact, seems to be waning and signaling a potential breakdown. The histogram, too, has been on the positive side for a while but unable to generate any acceleration to the bullish side.
The next major resistance zone sits at $7,500 and Bitcoin has been unable to make any inroads into this region thus far. But it has also been pretty resilient at staying at this level, regaining the 55 EMA yesterday. Again, the lack of buy pressure is preventing the leading crypto from taking this important level.
Bitcoin should move up soon, and make an attempt at $7,500. If it doesn’t, we could see a breakdown – it can’t stay at this level forever without any movement. A test of one of the lower EMAs is looking more likely as volume again slows to a trickle.
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