Price Analysis

Bitcoin Trapped Between the Narrow Gauge Around $9,200

  • Bitcoin (BTC) faces a rough time trading between many technical supports as it is unable to hold the peak
  • Bitcoin’s short-term remains moderately volatile
  • BTC price has either been on a downward stride or holds a stable walk-through

Bitcoin price has been trading in the narrow range of $9,500 to $9,000 and currently tests the technical support around $9,200. The coin needs a clear break above $9,350 and $9,500 to come out of this narrow range and chase the 30-day high and even beyond. Currently, BTC is facing a strong pullback rather than an upside swing. BTC price holds support from 5-day and 10-day EMA and 10-day SMA.

Bitcoin Price Analysis:

Bitcoin Forecast
BTC Chart by TradingView

Yesterday, price of Bitcoin started the day trading at $9,276.43, the similar price area around which it currently lingers. However, around the initial hours, it soared to trade at $9,446.86 to have a defined downward trend in the later part of the day. Today, the coin started trading with a good uptrend but couldn’t continue and started plunging, marking the current trading price at $9,257.91. Within the same duration, BTC/USD has also hit bottom at $9,205.36.

The current trading price is only consolidating losses as the coin is trading between the important technical supports. Similarly, there are key resistances above $9,350 and $9,400 and $9,500.

Bitcoin price today is unable to take a directional trade session and is stuck between the said price range since it has started correcting downwards from the 30-day high. Also, the risk of downside slide is comparatively more; the long-term moving averages point out the current growth to be momentary.

Technical Indicators:

The MACD of the coin has slid below zero and is having a bearish run as the signal line overpowers the MACD line.

The RSI of BTC is currently at 40, after having touched the oversold region when the coin hit bottom at $9,205.36.

Tags

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
Back to top button
Close