Bitcoin (BTC) Price Stable Amid Ongoing Middle East Conflict

With no sign of the Israel/Iran conflict growing any less belligerent, Bitcoin is continuing to recover from its correction below $103,000, and is currently riding high again at over $106,600. Can Bitcoin continue to buck the market trend, or will a nervous U.S. stock market start to drag on the number one cryptocurrency?

$BTC continues to bounce with alacrity

Source: TradingView

The 8-hour chart view above shows how the $BTC price went all the way down to touch the support at just below $103,000. This occurred when Israel started to launch strikes into Iran. However, since that time the $BTC price has bounced with alacrity, adding $4,400 while the conflict has raged. 

Currently, the bulls are attempting to hold $106,800 and turn it into support. If they can do so, this will be a real feather in their cap, given that this is an important level for price structure and would be a good platform for building upon.

Positive indicators in the daily chart

Source: TradingView

Moving out into the daily time frame it can be seen that both the Stochastic RSI and the RSI are posturing to make positive crosses of their indicator lines. If these lines are able to cross, this could supply the momentum needed for the bulls to flip that $107,000 resistance level into support again.

Weekly Stochastic RSI turning back positive?

Source: TradingView

The weekly chart shows the price traveling sideways in a narrow range. If the bulls can prevent the price from confirming under the $104,400 support it is possibly just a matter of time before the next break higher.

Of huge importance, at the bottom of the chart, is the weekly Stochastic RSI. A cross down of the indicators a few weeks ago could have presaged a fall to much lower prices, and even a potential end to the bull market, but as can be seen, the blue indicator line is possibly shaping up to cross back above the orange indicator line. This could be the initial bounce from the 80.00 level that could see these indicator lines traveling sideways perhaps for an extended period of time. If this takes place, there could be a lot more upside price action in this bull market yet.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.