Following our previous analysis and over the past week, we can see that there was not much price action around Bitcoin. The coin is still hovering between the range of $9,400 to $9,800. However, following another bearish leg down, we saw Bitcoin got quickly bought around the $9,000 region. Looking on the daily chart, this, if doesn’t break down (below $9,000) had been forming a decent double bottom bullish formation. Looking on the RSI: The significant momentum indicator had turned around on the 40-support level and now facing the 45-support turned resistance line, but still a little far away from the bullish area (above 50), will it maintain the supporting floor at 40? Other bullish sign might be coming up from the Stochastic RSI oscillator which had made a cross-over after being inside the oversold territory for the whole past month. The oscillator is about to enter the bullish area. From the fundamental side, the congress hearing of yesterday had passed without much action, and
