Bitcoin [BTC/USD] Technical Analysis: Short-term recovery threatens bear's position


Bitcoin [BTC] has recently bounced back, tracing a recovery from the bearish zone and providing a positive sentiment to the investors. However, even as the coin has orchestrated its temporary escape from the clutches of the bear, the price still has a long way to go before it reaches further bullish momentum.

1-hour:

An uptrend is visible from the $6,220 – $6,325 range, with an accompanying uptrend from $6,380 – $6,530. This is counteracted by the downtrend from $6,530 – $6,355, which is testing supports at $6,320 and $6,220. Resistance levels are set $6,390 and $6,530.

The Awesome Oscillator is bullish and moving upwards as seen by the green bars on the indicator.

The Klinger Volume Oscillator is also demonstrating a bullish crossover after the bearish move, suggesting a possible recovery.

The RSI recently recovered from the oversold zone, demonstrating that the coin has regained its buyers.

1-day:

The uptrend is providing a support from $6,185 – $6,270 – $6,335, with a downtrend from $9,800 – $8,390 – $6,500. The $5,850-mark is set as the last support, with a primary support line at $6,145. Resistances are set at $6,525, $6,750, $7,335 and $8,385.

The Parabolic SAR is bearish, as evidenced by the presence of the dots above the candlesticks.

The MACD is moving closer to the signal line and might indicate a possible bearish crossover in the near future.

The Stochastic RSI is demonstrating a possible entry point, which might indicate a bounce upwards.

Conclusion

Bitcoin might see a short recovery to the upwards direction, and continue to test its short-term resistance. However, if the bear continues to exert its power on top of reducing investor sentiments. Resistance levels are set at $6,390 and $6,530.

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