It’s been not such a pleasing day for Bitcoin so far. It didn’t seem like that at first because during the morning (UTC) it spent several hours trading sideways. Then, at 13:13 UTC Bitcoin price was boosted by a sudden peak in trading volumes, but then it lost $230 in price in fewer than five minutes.
That caused the Bollinger bands to widen considerably, and for a few minutes, it seemed that BTC would start trending downward. So the bears took over the market again, and the price went down by about $300 in the next 45 minutes.
After that, the Bollinger bands narrowed down again, and it started to go sideways again for a few hours. At 16:57 UTC we saw another sudden peak in bullish trade volumes. But this time the bears have managed to keep the bulls at bay, so the Bitcoin price remains moving sideways precisely at the $10000 level, approximately.
Let’s see what we can learn from today’s technical analysis for the daily and monthly time frames.
24-hour technical analysis
The price already tested and broke the first support level of USD 10,200, and it looks like it will soon start a new test against the next support level of USD 9,900. While these are bearish signals, the overall panorama remains neutral if not green.
This is hard to understand because seven out of twelve moving averages are signaling for the bulls, but it makes more sense when you realize that most of the technical indicators are indeed bearish.
It’s been not a good day for BTC, of course, losing 3.91% in value over the previous twenty-four hours. But it seems that the 24-hour technical analysis is pointing towards sideways trade for what’s left of the day. Let’s see what’s in the monthly.
Monthly technical analysis
There is not plenty of good news here as well, as it seems we can expect more bad days ahead for Bitcoin.
The price is below the pivot point (USD 10,742) and also beneath the first resistance level of USD 14,005. The positive thing is, that gives Bitcoin price a lot of room for growth in the next few days, as it could go up by as much as USD 3000 before it finds any significant technical resistance.
Despite the price losses, almost every moving average is signaling for the bulls, and only a couple of technical indicators are bearish per the monthly analysis.
The daily is bearish, but at least it’s getting stable; it doesn’t look like BTC could plummet during the next few hours. The monthly, on the other hand, is decidedly bullish, we can say.
So it seems that good things are about to happen for Bitcoin traders, but a little patience is in order. Bitcoin price will go up for sure in the next few weeks, but given the current market sentiment, it’s unlikely for this to happen during the next couple of days.
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.