News Bitcoin Price Analysis: Sideways Trading Broken as BTC Defines...

Bitcoin Price Analysis: Sideways Trading Broken as BTC Defines Lows Below $4000

-

- Advertisment -

bitcoin price analysis
  • BTC has breached its range bound behavior to the southwards
  • New support and Resistance levels expected to be defined at $3990 ( resistance) and $3950 (support).
  • Bearish Trend expected in the short term.

The last 24 hours has seen Bitcoin stay below $4000. The crypto was trading in a range bound behavior in a market that seemed to lack any momentum. Support was at $3974 and resistance levels seemed to be at the $4000 mark.

This period started with three black crows candlestick formation that brought the price below $4000. This seemed to seal the fate of BTC, at least in the short term as it has struggled to rise above $4000. Sideways trading has dominated the market since then. Later in the last few hours, the bulls tried to rally the price past to $4000, which was achieved temporarily before a bearish engulfing brought the price tumbling right back down.

The Moving Averages seemed intertwined in the last few hours. The RSI has been oscillating within the 40-60 range seemingly signifying that the market lacks any strength for a rally.

bitcoin price

Bitcoin Price Forecast

Moving forward, the RSI seems pointed towards 30. The 21 day MA also seems to be gaining strength and crossing over the 7 day MA. This signals that we should expect a further dip in price and the market can expect lower lows in the short term.

Resistance levels can be placed at $4000 as new support levels are defined. We expect the new support levels to be placed at $3950 with resistance at $3990.

Traders can take a short position once the price pulls back from the resistance region ($3990-$4000).Traders can  go long if the price bounces back from the envisaged support levels ($3950).


Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Bitcoin and Other Cryptocurrencies – How Their Values Fluctuate

Are you interested in knowing more about Cryptocurrencies? Have you been surprised by the value of Bitcoin...

Understanding The Viability of Blockchain in Supply Chain Management

With the advent of modern technology, the business dynamics of various industries have evolved and transformed in...

Top 7 Porn Sites That Accept Bitcoin/Crypto

Bitcoin and other cryptocurrencies are not that exotic anymore. Ever since the big boom on the crypto...

“Chinachain” aims to connect hundreds of cities across China. Will it work?

If there’s ever a “Chinachain” for business, sanctified and supported by the state, the BSN ( Blockchain...
- Advertisement -

Top 10 BEST Crypto Trading Books for New Traders (2020)

We may receive a small revenue share if you purchase something from this guide - with...

Crypto Firm That Connects Exchanges and Banks Receives $5m Investment From Wells Fargo

Cryptocurrency startup Elliptic recently held a Series B funding round which was joined by a venture arm...

Must read

Bitcoin and Other Cryptocurrencies – How Their Values Fluctuate

Are you interested in knowing more about...

Understanding The Viability of Blockchain in Supply Chain Management

With the advent of modern technology, the...
- Advertisement -Bitcoin Price Analysis: Sideways Trading Broken as BTC Defines Lows Below $4000Bitcoin Price Analysis: Sideways Trading Broken as BTC Defines Lows Below $4000

You might also likeRELATED
Recommended to you