Bitcoin price settles in a range between $8,900 and $9,400.
BTC/USD technical picture remains drab as observed with the RSI and the MACD’s horizontal movements
The most-traded cryptocurrency in the industry, Bitcoin has continued to trade sideways since the week commenced. There have been instances of recovery but none has managed to clear the resistance at the descending trendline. BTC/USD is trading at $9,320 at the time of writing. The price continues to narrow towards $9,000. However, its immediate downside is protected by the 50-day exponential moving average (EMA). The most significant support is the 100-day EMA which currently holds the ground at $8,899.
Bitcoin has been forced into a consolidative movement in a range with resistance at $9,400 and support at $8,900. The sideways price action is strongly supported by the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). The latter is moving sidelong at the midline (0.00). This shows that buying and selling forces in the market continue to cancel out.
BTC/USD daily chart
The RSI recovery slightly above 50 (average) but failed to sustain movement towards 60. At the moment, the RSI holding the ground above 50 but with no signs of more upward movement. As long as the two indicators stay in the same positions, BTC/USD will last longer in consolidation. At the same time, traders have an opportunity to follow the direction BTC would take from here onwards by watching the movement of both the RSI and the MACD.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com