Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Ranging
Interestingly, it has been a week, the bulls and bears have been engaged in a price tussle between $8,250 and $9,000. The price has been ranging above $8,300 and $8,400 most of the time. It is presumed that if the price falls to the lower range, there is a possibility of its bouncing from the low. Assuming, if price bounces from $8,200, it may reach a high of $9,200. Similarly, the momentum can extend to the $10,000 price level.
Unfortunately, if the sellers defend the $9,200 price level, then the coin will be compelled to continue its sideways move within the confined range. This will take another days of a sideways move. On the downside, the bears can take undue advantage and break the low of $8,250, if the bulls fail to break the current resistance. However, if the bears are successful, selling pressure can extend to $7,800.
Daily Chart Indicators Reading:
The price bars have been above the 12-day EMA for over a week. Nevertheless, if the bears break below the EMAs, the selling pressure will commence. On the other hand, the Relative Strength Index (RSI) period 14 level 55 indicates that the coin is above the center line 50. In other words, the coin will rise.
BTC/USD Medium-term bias: Ranging
On the 4-hour chart, the coin is in a sideways move. The price bars were testing the resistance at $8,750 for days after which the price drops to the low above $8,250. The sideways move is continuing as the price moves up again.
4-hour Chart Indicators Reading
In the meantime, the EMAs are fluctuating in a sideways move depicting the direction of the market. The market seems to be above 50% range of the daily stochastic. That is Bitcoin is in a bullish momentum but the momentum seems to be weak.
General Outlook for Bitcoin (BTC)
The last bearish impulse led to the current sideways move between $8,250 and $9,200. In the last 48 hours, BTC fell to a low of $8,250 without bouncing at the support. However, the support is holding as the coin makes a gradual upward move. It appears the sideways move will continue for a few more days.
BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,400
Stop: $8,200
Target: $9,200
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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