After a bounce from the $640 zone, prices have moved downwards but is gradually looking to break back upwards. In today’s daily bitcoin technical analysis, we consider whether we will see a break in the $640 region towards highs of $780?
14th September, AtoZForex – In today’s daily bitcoin technical analysis, we see the trend remaining to the topside. Despite the downward slide yesterday, which eventually made a higher low to rebound back to continue trading above $200.
Daily bitcoin technical analysis
According to moving average based bitcoin technical analysis, we can conclude that there is still a good potential for a topside run. Price is currently trading above 8 days and 21-day moving average. However, a resistance remains close which could make prices stall around the 50-day moving average. This is the first minor resistance before the previous month high around $640.
Dovish remarks from FOMC member Lael Brainard triggered some dollar weakness on Monday. However, looking further, the daily bitcoin technical analysis suggests that a break of these regions could open the door a massive break higher towards the $780 region. Considering the distance of this move, it would take strong catalysts to give price the necessary boost and momentum to go that far. Data due from the US this week include the inflation CPI and retail sales. These are potential drivers of such a move. We also have the Federal Reserve rate decision scheduled next week, another potential driver for the much-needed breakout towards new highs.
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