Bitcoin (BTC) in a Stalemate as Bulls and Bears Continue Price Tussle

Bitcoin (BTC) in a Stalemate as Bulls and Bears Continue Price Tussle

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
Yesterday, the bulls took price to a high of $5,572 and were resisted. The $5,500 resistance is the upper price range of the current tight range. Today, the price is falling and approaching the lower price range of $4,500. This has been the scenario in the past week as price fluctuates between $4,500 and $5,500.

In the past week, neither the bulls nor the bears have broken the key levels of the price range. Bitcoin is in a stalemate as the bulls and bears are undecided about the direction of the market. The attempt by the bears to break below $4,400 was thwarted as bulls buy at lower levels.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Currently, Bitcoin is above 20% range of the daily stochastic. BTC has earlier fallen into the oversold region twice as  bulls fail to emerge at the appropriate time. Meanwhile, BTC is in bullish momentum, although the momentum is not strong in the current dispensation.

BTC/USD Medium-term Trend: Bearish
On the 4- hour chart, the BTC is still fluctuating between $4,500 and $5,500. Surprisingly, the market reached a high of $5,572 and turned down from the resistance. The price is on a downward move.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping southward indicating the downtrend. Bitcoin is at level 41 of the Relative Strength Index period 14. It indicates that the coin is still in the downtrend zone. Probably, it may fall.

General Outlook for Bitcoin (BTC)
Bitcoin is in a stalemate as the price movement is confined between $4,500 and $5,500. Yesterday, the bulls made an unsuccessful attempt to break it. The sideways trend may continue for few days.

Instrument: BTC/USD
Order: Sell
Entry price: $5,393
Stop: $5,500
Target: $5,000

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.