It’s no secret that Bitcoin is the most important cryptocurrency. When it goes up, it drags the rest of the market along, and it does the same when it goes down.
As we write this it’s trading at $11740, which is an excellent price level, but one that still remains below the psychological mark $12k. BTC has gained 3% over the last 24 hours and 4.4% in the previous week.
Most of the trading volumes we’ve seen in the last few hours are for the bulls. At 17:33 UTC we saw the price rise from USD 11480 to USD 11690 in two minutes. While this kind of gain is undoubtedly important, it wasn’t backed up by trading volumes, so it leaves space to wonder if it was an authentic rise in value or just sheer speculation.
That all happened not too long ago, and since then BTC has been into sidewise trade. Let’s have a closer look into the technical analysis data so we can try and figure out what’s going on.
24-hour technical analysis
The daily technical analysis looks ok. While the price is beneath the pivot point ($11825), most moving averages are for the bulls as well as most technical indicators.
It’s going up, but there is no clear trend. So it looks mostly like a sideways period that could change at any minute and become either a bullish or a bearish trend.
The Bollinger bands are getting wider, which will create volatility but also the chance for the king of all tokens to start soaring again.
The overall scenario remains bullish, but you shouldn’t try and get a piece of the action until you can confirm a clear trend appearing.
Let’s consult with monthly technical analysis.
The monthly scenario is intensely green
The price is above the pivot point ($10842), The first support level is at $9556 which makes it very unlikely that, even in the current not that significant numbers, BTC will go as far down as to test the support levels.
The first resistance level ($14005) is also quite far from the current price levels, but it opens up the chance for growth.
The monthly technical indicators are all for the bulls (but one), and every moving average is also signaling to buy. But should you? Keep on reading.
Yes, indicators look green. Yes, Bitcoin has been going up all the time since April 2nd. And, yes, it all looks delicious. But it seems good for the future, not for today.
Today, the Bitcoin market seems to be stuck in confusion and about to enter a sidewise phase in which nobody makes any money.
So, as things stand, the thing to do is to keep a close watch on the market and be ready to get in the action when a trend materializes. But it hasn’t yet.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.