As we predicted last time, after bulls failed to take a $11600 level, bears took the initiative and lowered the Bitcoin price to $8400. However, they didn’t manage to keep it below $8500 support level: over the weekend Bitcoin bounced back to $9500.
For more than a month we are seeing a flat trade. If a trade volume is up, it’s fair to expect the flat level to be broken in the mid-term.
RSI indicator is in the neutral zone, as well as MACD. Moving averages (5 and 21) show the possibility of down movement in the next few days, but the global trend remains up.
At the moment the market is steady and waiting for the big push. Quite interesting is that the same technical picture is seen not only for crypto, but also for the fiat currency pairs.
So this week we might see the $8500 level being tried again. If the trade below this level is steady, it can take Bitcoin down to $5800, but not for long. The most likely scenario is a jump from $8500. Or the coin will be growing from the current positions to the $10000 resistance level. If Bitcoin goes above that, it will trigger the testing of $11600 level. Going beyond that level will effectively end up the flat trade period.
Our price analysis is for information purposes only. Please make the Bitcoin purchase and investment decisions independently at your own risk.