Bitcoin price analysis: With bulls holding back, BTC all set for a muted next week
The week ahead looks lean on the number of major events, with only two of the four major exchanges reporting on their performance. But we’ll get to that later. For now, let’s start by taking a look at the Bitcoin price action. On the downside, we have seen a series of dampening technical signals, including widely-used oscillators that track the price of BTC. The Relative Strength Index (RSI) looks at recent trading activity and compares it with the price movement of a specific asset in the previous 8 trading days. The RSI shows the relative strength of the bulls and the bears, with the value at 100 being the highest. The RSI of Bitcoin has shown a downtrend for the past several months
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Bitcoin (BTC) has been a rollercoaster of a ride this week. The leading cryptocurrency hit a fresh all-time high of $6,600.00 on Saturday morning after a strong rally from $6,200.00. However, since then, prices have been on a downward trend, falling nearly 2% to $6,303.00 as I write this.
The four-hour Bitcoin price rally in the past two days has surprised many, and perhaps most importantly, it has surprised some of the more bearish bulls. As such, the market-performancy of the long-term technical pattern-based models has been called into question. However, while it’s true the immediate price action is far from the archetype of textbook patterns, a deeper examination reveals that there may be some order to the madness.. Read more about bitcoin price prediction and let us know what you think.
Bitcoin price analysis shows opaque price action with further consolidation.
BTC/USD lost 4% of its value last week and is moving sideways.
Resistance at $37,800 is keeping the bulls from taking BTC to the $40,000 level.
Bitcoin needs to regain key resistance levels to complete the consolidation phase.
Crypto currency heatmap by Coin360 The cryptocurrency market is stagnant, with most coins showing sideways price movement. Bitcoin is trading in a narrow range, and has been since last week. The sideways price movement resulted in a gradual decline that wiped out 4% of the value of the BTC/USD pair. The BTC/USD pair needs to return to a higher resistance level at $42,000 for buyers to see the end of the consolidation phase. However, the price channel is bullish with a slight linear slope, which is a positive sign for the bulls early next week. Bitcoin price analysis shows that buyers need to maintain momentum to keep the price above $36,600 to revive long positions. After bitcoin was pushed back from the $40,760 level, the pair was unable to pass the $38k mark with confidence. The 0.382 Fibonacci retracement level is a serious challenge for the bulls. The lower limit at $33,500 appears to be a strong supply area. Bitcoin price analysis shows that the pair will trade sideways in the coming days.
Bitcoin price movement in the last 24 hours: Sideways motion leads to nothing
Despite the BTC/USD pair exhibiting a symmetrical triangle pattern, a price breakout is yet to occur. The pair is struggling to break through critical resistance levels, especially at the $39,000 mark. The rising price channel is encouraging, but the bulls will need to build significant volume to continue. The symmetrical triangle also shows weakness during moderate weekend trading. Low trading volume means that the slope of the price channel is neutralized instead of increasing. Bollinger bands limit price action according to bitcoin price analysis. The upper limit of the range at $37,500 is proving to be a difficult point to cross. Price continues to fall to lower levels with small green candles. Looking ahead, sellers will target near-term resistance at $37,100 to ramp up selling pressure. Bitcoin price analysis shows that support at the 1,414 Fibonacci extension around the $34,750 level will also help. Bulls must defend support below $33,520 and then at $32,560. From a technical perspective, there is important support at the $30,000 level, which is crucial for the current consolidation phase.
Chart four hours BTC/USD: Price action for next week looks moderate
TradingView Bitcoin Price Chart The hourly chart shows that the first resistance is at $37,980. This is where the bulls risk losing momentum if they don’t have enough volume. The upward price channel is also likely to lose strength at the $40,000 mark. The 0.382 Fibonacci retracement level at $40,800 will not have much impact if the bullish breakout loses momentum. Delayed price action can also be seen in most major technical indicators. The loss of bullish momentum over the past 24 hours will prove to be a setback for the BTC/USD pair. BTC/USD is currently at $35,950 with a downward trend. The RSI at 43 indicates future weakness in the pair. A failure at the $43,000 level would create new resistance at the $40,000 level, resulting in new sell orders. After this collapse, the BTC/USD pair has still not broken through the $39,500 level, according to bitcoin price analysis. The bullish pressure is doing more and more damage with buy orders disappearing from the market. A false outbreak could be even more intimidating for the bulls.
Bitcoin price analysis number: $40k – the key to next week’s rise
Hopes for a confirmation of the symmetrical triangle pattern could herald a new upward trend in the pair. A rapid consolidation of negative sentiment can only be avoided if the pair closes above $39.750. Another swing above $37,600 could certainly trigger more buy orders in a stagnant market. Analysis of the bitcoin price shows that the bulls and bears are sitting on the sidelines. A major breakout cannot be inferred from the current price action. So far, it looks like there will be some quiet movement on the bitcoin charts next week. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Bitcoin (BTC) is in a holding pattern. After gaining back some of its losses in the face of last week’s 10 percent decline, the largest cryptocurrency by market cap is now facing a fairly significant near-term resistance level.. Read more about bitcoin news and let us know what you think.
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