• BCT/USD market still swings in ranges of $9,000 and $8,500 values.
• A violent breakout of the $9,000 line will lead to having a good entry for long positions.
• Sellers may as well be taking the market advantage from that point if bulls persistently have to encounter tough-areas around the same line earlier mentioned.
Bitcoin (BTC) Price Analysis
• Major supply zones: $9,500, $10,000, $10,500
• Major demand zones: $8,000, $7,500, $7,000
Both Bitcoin and the US Dollar currencies have continued to swing around $9,000 and $8,500 market zones over a couple of days. The crypto hasn’t had the required energy as it has only been able to reverse the fiats worth several after momentarily pushing past the lower range value.
The $9,000 upper range line of the market needs to violently breach northward, to have a bullish candlestick signaling a reliable uptrend return in this crypto-trade activity. Sellers may as well be taking the market advantage from that point if bulls persistently have to encounter tough-areas around the same line earlier mentioned.
Bitcoin (BTC) Technical Indicators Reading
Both the Upper and the Middle Bollinger Band trend-lines have crossed the 50-day SMA trading indicator from the top. The SMA trend-line is a bit over the $9,000 current range price point. The Lower Bollinger Band is at the $8,500 lower range point. And, price now hovers around the ranges presently. The Stochastic Oscillators have freshly placed a bit over range 60. And, they now appear to begin a consolidation move around the region. That signals an ongoing featuring of smaller ups and smaller down in the market operations.
On a general ground, indications have shown it that a critical price zone lies around an upper range trading point at a $9,000 mark. And, bulls may yet not find it smoothly, breaking through it to the north as at the moment of writing. All in all, technical indicators back that buying spree is in the offing. Therefore, traders should look out for decent buy entries coupled with active price action before placing an order in this crypto-economy.
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 (bitcoinexchangeguide.com) holds any responsibility for your financial loss.