Bitcoin (BTC) Ranges amidst Sleepy Market

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.

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

BTC/USD Long-term Trend: Bullish
On January 19, the bulls tested the $9,200 resistance level and were resisted. The coin fell to a low of $8,400. The bulls could not sustain hold above the higher price level. Later it pulled back to $8,600 and resumed a range-bound movement. The range-bound movement is ongoing as the price movement is insignificant.

If the price falls to a low of $8,200, it may form strong support. On the upside, a bounce from such strong support will push the coin to the high of $9.500 or $10,300 price level. On the downside, if the bears sink the coin and it reaches the low of $7,800, BTC is likely to resume the downtrend.

BTC/USD - Daily Chart

Daily Chart Indicators Reading:
The market is trading below 80% range of the daily stochastic. It indicates that BTC is falling and it is in a bearish momentum. The coin has been trading in the overbought region when the selling pressure begins.

BTC/USD Medium-term bias: Bullish
On the 4 –hour chart, Bitcoin is fluctuating between $7,000 and $7,600 before the upward movement. After the initial fluctuations, the bulls broke the $7,600 but were stopped at $8,400. The resistance at $8,400 was breached as the bulls moved up to reach the previous highs.

BTC/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The Relative Strength Index period 14 level 45 indicates that Bitcoin is in a range bound zone. The market is trading in a sideways trend as the price bars are forming in a horizontal pattern. If the price bars begin to form below the EMAs, the selling pressure may begin.

General Outlook for Bitcoin (BTC)
In the last 48 hours, the price movement has remained the same as the market continues its fluctuations. Bitcoin price has not changed as the coin is neither falling nor rising. It is likely the coin may encounter a breakout or breakdown. A breakout at the current price level will push the coin above the $9,200 price level. A breakdown at the current price level will sink the coin below $8,200.

BTC Trade Signal
Instrument: BTC/USD
Order: Buy
Entry price: $8,600
Stop: $8,000
Target: $9,500

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *