Bitcoin price analysis shows that there is a calm before the storm as the range is too tight for the pair to sustain a breakout for long. Bulls and bears are trying to find a stronghold near the $19,700 price level. Current Bitcoin price analysis is just muddy water with no clear direction. However, the limited range can quickly squeeze the pair into a breakout.
In the last 48 hours, there have been little changes in the price. It is moving strongly between the 100-point range of $19,700 and $20,050. It is interesting to see where the current battle between the bulls and bears is leading based on Bitcoin price analysis.
Bitcoin price movement in the last 24 hours: strict adherence to the limited range
There have been small price changes, but nothing major in either direction. It cannot be called consolidation as there were no large buy orders from the buyer. According to Bitcoin price analysis, the $20,000 support zone remains strong. The bulls, if they gain enough momentum, could turn the current predicament into a jump towards $23,000 in the next few days.
The 100-day simple moving average is above $23,000, where the price can breathe. Bears are cautious and have collected enough sell orders near the 100-day SMA to discourage buyers from getting excited. The general sentiment of the cryptocurrency market is neutral to bearish.
Bitcoin/USD 4-Hour Chart: A bearish breakout could spell doom
If the price can break below the bearish level, it could quickly fall below $18,000. The $15,000 area is not far away as sellers are pushing hard due to neutral technical indicators. RSI indicators are around the 40 level, which means that the price has enough leeway to move lower.
A rally to $24,000 is driving whale orders and participation on high volume. The symmetrical triangle shows that the pair is moving towards the $21,000 level. However, it may be due to the wave pattern and those price levels are just a stop before the trip lower. Bitcoin/USD pair is more likely to break.
Conclusion of Bitcoin Price Analysis: Symmetrical Triangle Pattern Shows Breakout
Currently, the cryptocurrency is looking for lower levels as the $20,000 support is not strong but the $22,000 resistance is very strong. A breakout above seems unlikely for potential bulls. A bearish continuation is likely as key metrics to the downside based on Bitcoin price analysis.
Disclaimer. The information provided is not trading advice. Ramzifa.ir holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.