Bitcoin is trading slightly above the price mark of $7300 in the crypto market. Within no time it dips from a price level of $8300 to $7300, breaking the support level at $7600. It was even priced as low as $6600 with the daybreak of 17th May, though currently it is seen gaining momentum from the crash of $6600 to above $7300.
However, the significant analysis emphasis is that BTC price during the same time last week had the same price range as of now, but that was the price towards Bull Run. According to Bitcoin predictions, Bitcoin seems to have a corresponding price range today, but it is likely to be the range in the price pullback. This shows a mutually opposing position of Bitcoin price.
Technical Analysis of the contradictory prices in a week:
While the price was in the Bull Run range, MACD was in the positive field. The MACD line is then is observed to be above the 26 period EMA, which shows that the trends are changing. Since the MACD range is found above the signal line, we see a bullish trend.
But before the stable price period came, we see a shallow fall where in the MACD even pours below the signal line which showed an available short position for the investment. However, with the stability of the prices, MACD kept falling and raising that signaled the overbought or oversold actions due to the volatility of the price.
The above indicator describes the real-time rating for a week. The indicator falls from the “strong buy” region to “buy” region more inclined towards the neutral zone after the drift in the Bull Run.
The technical indicator, when summarized for a day, gives a “buy” signal because of the average price range that the security undergoes. But the same is not the case for a technical indicator when we consider a time frame of 15 minutes. It shows the bearish signal of “selling” the security due to the plunging prices.
The above charts and indicators emphasize on waiting until a clear picture of the following trend is known.