Bitcoin price analysis is struggling to find direction as the pair oscillates in a thin range. The BTC/USD pair is hovering near $19,777 and looks directionless heading into the weekend. Most day traders avoid taking large trades because the pair is stuck in a tight range.
The bulls are unable to sustain a move that takes the pair comfortably above the $20,000 resistance. Overhead resistance at $20,600 and then $21,000 is becoming a major challenge for BTC bulls. A downtrend line is superior on hourly charts because the signs are getting more bearish based on Bitcoin Price Analysis.
Bitcoin price action in the last 24 hours: Is the short-term corrective phase over?
If the current Bitcoin price analysis is read in its entirety, the indicators suggest that the current correction could be a short-term phase. Resistance at $20,500 is an immediate level to cross, but bulls should do so with strong momentum and volume. The BTC/USD pair is unable to provide volume over the weekend. The price level of $21,100 represents the 20-day moving average.
Buyers must go through a 20-day animation to deal with negative emotions. The 50-day SMA at $22,300 then provides tough resistance on the daily time frame. Bears have lined up strong sell orders near the 50-day SMA to tempt the bulls. Day traders could see massive selling if BTC/USD breaks above these levels next week.
Bitcoin/USD 4-hour chart: More bearish on hourly charts
The price can fall quickly because most of the oversold technical indicators are oversold. The pair could quickly break below the $19,600 support area and move towards the $18,910 level. Bulls need to strengthen their defenses to aggressively protect their interests.
The RSI is close to the 40 level on the hourly charts, which means there is plenty of room for downside. The pair could easily fall to the $18,910 level, and the RSI still has room for further declines on the charts. The MACD indicator also does not indicate any major crossovers anytime soon. This only means that the bearish onslaught on the charts continues, albeit mildly compared to the rapid action of two weeks ago.
Bitcoin Price Analysis Conclusion: Bitcoin is strongly in bearish control
Bitcoin, the king of digital currencies, is clearly in a bearish control. The pair is recovering from the bearish flag and pole pattern that appeared on the hourly charts two weeks ago. The bulls are defending the $20,000 support. However, the underlying assumption in Bitcoin price analysis is bearish, and hourly charts are likely to show another decline in the coming week.
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.