In less than 30 minutes, the price of Bitcoin exploded to win more than 10%. The next movements will be interesting to follow.
Actual support/resistance: $10'000/$10'800
This gain of +$1,000, which was accompanied by an impressive increase in volume, was probably triggered by a "short-squeeze". In other words, a large purchase order has induced the liquidation of many shorts contracts, causing a snowball effect. After this sudden movement, the price encountered strong resistance at $10'800. Despite this upward momentum, it is necessary to remain cautious because the trend is still bearish in the short term. As discussed yesterday, the price must consolidate above $10'000, the actual support, to hope for a recovery of the bullish momentum.
In terms of technical indicators, the price has come very close to the 20-day moving average of $11'000. This punctual spike has not changed the fact that the RSI still indicates an oversold period and the momentum derived from the MACD lines is also still clearly bearish.
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