Use technical analysis: whether the rise of Bitcoin this week?

Bitcoin price has recently broken an important support level, does not exclude the reduction of up to $ 6,000. Judging by the technical indicators, while the bulls have enough power to start a new uptrend. This writes NewsBTC.

When you need to buy Bitcoin

As before, the 100 moving average SMA signals about possible beginning of an uptrend. However, up to this point the line is used only by the dynamic resistance.

Technical indicator RSI left the oversold zone, so bulls still have a chance to regain control of the situation into their own hands. At the moment, buyers need to pass a mark in 6430$, where is located the 200 SMA and the lower line of the Rising Wedge shape.

Traders at traditional markets still prefer more stable assets. The reason — a trade war with China. In this situation, no one wants to risk, but even more to invest in a falling Bitcoin.

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