Bitcoin in Tight Range as Bulls and Bears Reach Equilibrium

Bitcoin bulls have been able to sustain the upside range trading because the $9,000 and $9,200 support has been holding.

Recently, the bears pushed the price to $9,026 low and the bulls immediately bought the dips to push BTC above $9,200 support. Since July 16, the market has been consolidating above $9,200. Yesterday, BTC retested the $9,300 resistance as it dropped to $9,200 low.  The market resumes its consolidation above $9,200.This has been the market scenario since June 25 as the $9,000 support continues to hold.

Conversely, if the $9,000 and $9,200 support fails to hold, a bearish scenario will follow. The bears will break the $9,000 support and BTC will fall to its first support at $8,800 or $8,900. However, if the market continues its downward move, the coin will fall to $8,500. Nonetheless, BTC will drop sharply to $8,130 or $8,200 low, if the $8,500 support cracks. Today, BTC is consolidating above $9,200 after rejection from the recent high.

Bitcoin indicator reading

The exponential moving average has formed a single line indicating that the market is in consolidation. The market is in choppy price action as the support and resistance are longer discernible. Presently, BTC is below the 50% range of the daily stochastic. It indicates that the market has bearish momentum.

BTC-CoinIdol_(2).png

Key Resistance Zones: $10,000, $11,000, $12,000

Key Support Zones: $7, 000, $6, 000, $5,000

What is the next direction for BTC/USD?

As long as the $9,000 and $9,200 continues to hold, Bitcoin will attempt to resume its upside range trading. Also, BTC will consolidate above $9,200 as long as it fails to clear the $9,300 and $9,400 resistance level. Presenting, BTC price is falling as bulls fail to break the $9,300 resistance.

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement

 

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