Bitcoin BTC rejected at $8,400. What is next ?

The stability of the mid-$8k zone was pointing to a potential rejection near the $8,400 level as it proofed to be a solid support/resistance line in the past already. I think this will most probably result in a correction to $8,000, consolidation there, and an attempt towards $9,000 in the coming days.

• Bitcoin moved above the 50-day EMA on January 5 after we saw the 10-day EMA successfully surpassing the slower 20-day on December 30 suggesting an upward movement might be at play.
  
• Bitcoin moved above the 100-day EMA on January 7
  
• $8,400 zone is too important and won't be broken that easily now that the first major push was made during the last few days.
  
• $8,000 is a serious level from a psychological point of view and if we are really looking at a bullish reversal in the mid-term then a drop below it will simply cancel it.
  

ความคิดเห็น:

Looking for a return to the $8,000 support zone today. $7,800 is of course at play, but I think it will be $8k to hold if we are really looking into a mid-term bullish reversal.
It is possible that the calming tension between Iran and the US is also having an impact, but I won't swear on that since we saw futures contracts open interest skyrocketing days and even weeks before the geopolitical issues appeared.