- Bitcoin price engages a bullish gear; up 0.41% on the day.
- The bulls are back this time with the zeal and eagerness to escape the bear range.
Bitcoin price hibernation seems to have come to a happy ending. The bulls have return; this time they have the zeal and the eagerness come out the bear range that has rendered them motionless for the past few weeks. In the earlier published analysis, BTC/USD has retreated below the support at $6,400. However, the declines remained supported strongly above $6,380.
At the moment, the bullish spike has stepped above $6,400. The engulfing candle heading for $6,430 has come to a halt at the 38.2% Fibonacci level between the highs of $6,465.58 and a low of $6,368.96. In progress is a bear reaction that is seeking balance at $6,420.
Bitcoin is trading above both the 100 SMA and the 200 SMA. However, the longer term 200 SMA is still maintaining position above the 100 SMA to signal that bears are not far away. The support at $6,400 will stop declines, although the former supports at $6,380 and $6,370 will hold ground if declines progress.
BTC/USD 15′ chart
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