- Bitcoin sits above the 61.8% Fibo short term support after the minor recovery from $7,200.
- Bearish presence is apparent especially with the 50 SMA crossing under the 100 SMA.
Bitcoin is trying to get a fresh for a new week and in the new month. This month is special because, in the past, it has been the turn-around for long term down trending crypto markets. Meanwhile, Bitcoin is slightly bullish on Monday towards the end of the Asian session. The largest crypto in the industry is sitting above the 61.8% Fibo of the last swing high at $7,872 to a swing low of $6,526.
The weekend session was generally depressed with bears pushing toward $7,000. Bitcoin defended the support at $7,200 aided by the 50% Fibo and the ascending trendline. The current bullish advancements above $7,400 will come face to face with the resistance at the 50 SMA on the 1-hour chart ($7,493) and the 100 SMA at $7,534.
The RSI is crossing above the average following a gradual but steady recovery from the oversold. However, the double-cross of the 50 SMA beneath the 100 SMA suggests that sellers are coming back into action. Besides defending $7,400 support, the bulls must push Bitcoin above $7,500 to avert a possible return to $7,200.