FX.co ★ H.Danish | #Bitcoin chart analysis

Right now Bitcoin H1 at 77282.97 with RSI 47.55, stuck right at the confluence of the yellow and blue moving averages around 77400-77656. After that big pump to 79828 and the sharp dump that followed, price has gone into a tight consolidation and momentum is neutral. The RSI is just under 50 and flat, which means sellers still have a slight edge but there’s no real direction yet. The key resistance zone is 77656 to 78380 where the blue and red MAs are sitting, and that’s acting as a sell wall. On the downside, support comes in first at 76932 and then 76208 if that breaks.

Most likely, we see a rejection from this 77600-78380 area and price drops back to 76932 then 76208, because the overall H1 structure is still bearish with the red MA sloping down and RSI failing to hold above 50. But if we do get a 1-hour close above 77656 with RSI pushing over 52, that would flip bias and open a move toward 78000 and a retest of 78380. So for now the bias is neutral to slightly bearish. A good sell setup would be a retest of 77550-77650 with a stop above 77850 and targets at 76932 and 76208. A buy only makes sense after a confirmed break and hold above 77656, targeting 78380. Basically whoever wins the 77656 level on the next H1 close will decide the next $1000 move.