Bitcoin Is In A Tight Range: A Breakout Or Collapse Is Imminent

Bitcoin (BTC) price has continued its selling pressure as the price action is dominated by doji candlesticks.

On September 22, the BTC price rose to the high of $19,524 and remained above the $19,000 support.

Prețul Bitcoin pe termen lung: urs

Today, Bitcoin is trading at $19,209 as of press time. Last week, the price moved stably above the $19,000 support. The price movement was marginal due to indecision between buyers and sellers about the direction of the market. The cryptocurrency traded between $18,200 and $20,000.

One condition that buyers need to meet in order to resume the uptrend is to break the resistance at $20,000 or the 21-day line SMA. Moreover, a price recovery will break through the resistance levels and rally to the upper resistance at $25.205. Nonetheless, sellers have more advantages over buyers as Bitcoin is trading in the downtrend zone. A break below the $18,200 support will cause Bitcoin to fall to the low of $17,605.

Citirea indicatorului Bitcoin (BTC)

Bitcoin’s sideways movement has caused it to remain stable at the 44 level of the Relative Strength Index for the 14 period. BTC price bars are below the moving average lines, indicating further selling pressure. The moving average lines are tilted horizontally due to the long span of the sideways trend. Buyers have taken control of the prices as Bitcoin falls below the 20% area of the daily stochastic.

Indicatorul tehnic

Zonele de rezistență majore: 30,000 USD, 35,000 USD, 40,000 USD
Zone cheie de asistență: 25,000 USD, 20,000 USD, 15,000 USD

Care este următoarea direcție pentru BTC / USD?

Bitcoin is in a tight trading range, and the direction of the market is unknown based on the Doji candlesticks. Bitcoin’s next direction will be an uptrend if the price rises above the 21-day line SMA. Otherwise, it will be a downtrend if the sellers overcome the support at $18,200.

Disclaimer. Această analiză și prognoză sunt opiniile personale ale autorului și nu reprezintă o recomandare de cumpărare sau vânzare de criptomonede și nu trebuie privite ca o aprobare de către CoinIdol. Cititorii ar trebui să facă propriile cercetări înainte de a investi în fonduri.