Bitcoin price going nowhere slowly
Bitcoin appears stuck trading above $9,000 and below $10,000 for some time now. It is now trading at the lower end of that range and has come close to the $9,000 mark.
Bitcoin’s recent performanceOn Monday the price of bitcoin dropped below $9,200 and technical charts on Tuesday indicated that it could fall below the $9,000 mark. The cryptocurrency closed on Monday below the 10-day moving average (MA). This is a sign of at least a short-term bullish invalidation. Over the weekend the price failed to break through the $10,000 level after coming close as reported in a recent Digital Journal article. On Wednesday the price of bitcoin dropped below the $9,000 level marginally. It opened at $9,184 not very far off the $9,000 mark. The price fell as low as $8,980 on Bitfinex hitting seven-day lows. The bear-flag breakdown witnessed on Tuesday signaled a possible fall to $8,865. Coindesk’s analysis for ThursdayAlthough there was a brief rally in the price of bitcoin yesterday, Coindesk claims that the price is still in corrective mode and risked falling back once again below $9,000 according to chart analysis. The cryptocurrency broke out of the bearish falling channel setup yesterday by way of a bullish relative strength index (RSI) that indicated that the recent pullback from its recent high of $9,990 had ended with the recent low of $8,980. The breakout also brought up the possibility of a stronger move back towards $9,767 and even perhaps a test of the $10,000 mark. The hourly chart shows that the price is attempting to break about the $9,380 level, with a major resistance being at $9,442 the 200-hour moving average (MA). The high so far today at about 19:35 UTC time has been around $9,383. Momentum studies are bearish. Both the 100-hour MA and the 50-hour MA are descending and have not bottomed out. The short-term moving averages also favor the bears. Any move above $9,442 could be difficult. Coindesk outlookCoindesk’s view :”A break below $9,228 (support on the hourly chart) would add credence to the bearish 5-day MA and 10-day MA crossover and open the doors for a drop to $8,980 and $8,868 (100-day moving average). A daily close (as per UTC) below $8,652 (April 26 low) would confirm a bearish reversal.On the higher side, a daily close (as per UTC) above the 10-day MA (currently located at $9,452) would signal the end of the pullback from the recent high of $9,990. ” Present situation As of 20:03 the price of bitcoin was $9,066.88 barely above the $9,000 level and the trend was downward. At the opening, the price was $9,306 and the high was just $9,383 so far today. The present price is almost at the low so far which was $9,063.96. There are still almost four hours before the close today. If the trend continues then the close could be below the $8,000 mark but a lot can happen in four hours and perhaps there will bitcoin can recover to close further from the $9,000 level. The present price can be found here.