- Bitcoin price continued to annoy many traders and was seen trading in a small range during the past couple of sessions.
- There is a bullish trend line formed on the 30-min chart (data feed from Bitstamp), which may act as a minor support moving ahead.
- On the upside, an initial resistance is at $413, followed by the last swing high of $415.
Bitcoin price is trading in a range and waiting for the next move from the investors be it higher or lower. Let’s know more.
Bitcoin Price – Trade within range?
There was no real movement in Bitcoin price during the past couple of sessions, as it continued to trade in a small range. The range is clearly visible on hourly chart as well as the 30-min chart. There are many resistances and support forming, as can be seen from the 30-min chart (data feed from Bitstamp).
The price just moved above the 100 simple moving average on the 30-min timeframe, which is a positive sign. There is also a support trend line formed on the same chart, which may act as a pivot for the next couple of hours. There is a chance of the price testing an initial resistance on the upside of $413.
A break above the stated level could take the price towards the next range resistance of $415. Any further gains may call for a range break and more upsides.
On the downside, the highlighted trend line and support area may continue to act as a barrier. A break below it could take the price towards $408.
Looking at the technical indicators:
Hourly MACD – The hourly MACD is almost flat, and not suggesting any kind of break.
RSI (Relative Strength Index) – The hourly RSI is above the 50 level, which is a positive sign.
Intraday Support Level – $408
Intraday Resistance Level – $412
Charts from Bitstamp; hosted by Trading View