Bitcoin Price Analysis: How Many Days Can We Trade Sideways?

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This story was shared from this website Decisions by the U.S. Securities and Exchange Commission (SEC) appear to have actually put a short-term damper on the current Bitcoin rally. Does the fast healing to $8,250 indicate the bull reversal is still intact?Market Introduction BTC dipped to$

7,900 on the recent denial of the Winklevoss siblings Bitcoin ETF application, and the postponement of Direxion BTC ETF choice by the SEC, however it’s clear that existing occasions were not the sole element for this moderate pullback. As Bitcoin rallied to brand-new regular monthly highs it likewise became oversold however the king of cryptocurrencies recuperated quicker than expected and now appears to be getting ready to retest the 200-day MA at$8,476. 1-Hour Chart Bitcoin stays above the rising trendline and is currently trading within a tight $200 dollar range along the

$8,225 support which is

also slightly above the 100-day MA. A pattern of higher-lows and higher-highs can be seen and even though the 5-day MA has actually started to come down toward the 10-day MA, the 10 continues to rise while BTC currently trades above the 20 and 100-day MA. At the exact same time, the 50 MA is also in the process of crossing above the 100-day MA. At the time of writing, both the RSI and Stoch are falling to bearish territory. However, there is soft assistance at

$7,940 and a sturdier assistance at $7,750 and $7,400. If BTC falls below the bullish trendline at $7,984, a review to the $7,750 support could take place. The 5, 10 and 20-day moving averages remain above the 100-day MA, suggesting that the path of least resistance favors extra upside gains and current technical indicators suggest that BTC will continue to trade within the$ 8,100 to$8,300 range for the brief term. 4 Hour Chart The idea of further short-term range-bound trading is supported by the flattened RSI and somewhat narrowing Bollinger Bands

on the 4-hour chart. BTC rides right along the 20 MA and while the gap in between the 5 and 10-day MA narrows, BTC remains in the rising channel. Traders need to look for more constraint of the Bollinger Bands, in addition to a rising RSI as this could be a sign of an approaching breakout to the 200-day MA at$8,476

. Again, a drop below the rising trendline at$ 7,903 might drop BTC to the next support at $7,750 and$ 7,400. Looking Ahead The short-term bullish outlook remains intact as BTC continues to sell the ascending trendline and the longer moving averages remain prejudiced to bulls.

BTC will likely stay range-bound for the brief term and traders should keep an eye for additional constriction or even bullish growth of the Bollinger Bands, in addition to any rise in the RSI on the per hour

and 4 hour chart.BTC is well supported listed below$8,000 and a drop listed below the bullish trendline at $7,940 might trigger BTC to be up to the $7,750 and$7,400 support.A high volume breakout above the$8,476(200-day MA) could extend BTC price toward$9,000.

[ Disclaimer: The views expressed in this post are not meant as financial investment suggestions. Market information is offered by BITFINEX. The charts for analysis are provided by TradingView.] Where do you believe Bitcoin price will go today? Let us understand in the comments listed below! Images thanks to Shutterstock, Tradingview.com The post Bitcoin Price Analysis: The Number Of Days Can We Trade Sideways

? appeared first on Bitcoinist.com.