Bitcoin price movement is facing strong resistance at the $10300 mark and despite trading above that line for over 4 hours the best part of the last 24-hours mark the strong resistance. At the same time, the technical market indicators are showing strong selling signals plunging the market deeper into a state of volatility. Bitcoin faced strong volatility this past week, however, good things are expected in the days to come.
On the oscillators list, Relative Strength Index, Stochastic %K, Commodity Channel Index, Average Directional Index, Stochastic RSI Fast, Williams Percent Range, Bull Bear Power and Ultimate Oscillator are all showing a Neutral point. While Aswesome Oscillator and MACD Level are showing sell signs, with only one oscillator, Momentum showing any buy signals.
On the other hand, when it comes to moving averages, only Ichimoku Cloud Base Line is sending Neutral signals while, 200 Exponential Moving Average (EMA), 200 Simple Moving Average (SMA), and Hull Moving Average are showing Buy signs. But on the large part, 5 EMA, 5 SMA, 10 EMA, 10 SMA, 20 EMA, 20 SMA, 30 EMA, 30 SMA, 50 EMA, 50 SMA, 100 EMA, and finally 100 SMA are all showing selling signals keeping the market volatility alive and kicking.
Bitcoin price movement: Would the volatility persist?
The Bitcoin price movement is showing strong volatility in the past 24-hours where the cryptocurrency has seen as many as 4 dips below the $10000 mark, while one occurred as we write these lines. The king has also spent a good hour near the $9900 range as well, which also serves as the strongest support level at the moment. At the time of writing Bitcoin price is fluctuating between $9950 and $10050.
Trading view analyst Phi-Deltalytics explains that the cryptocurrency is moving in a rather confusing movement that can bring about a change in any direction given the current state of the cryptocurrency. Deltlytics explains that the recent FED move to provide relief to the market and to boost the economy will fundamentally push up the value of Gold, bringing up Bitcoin as it remains a store of value rather than remittance. At the same time, Deltalytics’ analysis also confirms that the cryptocurrency is not showing any bullish signs at the moment but can get there across the week.
Similarly, the famed Trading View analyst Trading Shot explained that the current week is an exponentially crucial one for Bitcoin price movement despite apparent volatility.
Shot explains that the Bitcoin price moving in two major channels where one co-relates to the pre COVID-19 situation and the smaller current channel in the orange relates to the post-COVID-19 price movement. He furthers that, the post COVID-19 situation has drastically improved since August and the massive sell off was a result of the pandemic, therefore the current recovery phase would continue in the positive direction.
At the time of writing the cryptocurrency is playing out the movement described by the analyst almost to the dot and if the analysis continues to play out, Bitcoin price is about to see a breakthrough towards the $12000 range and onto the yearly high near $14000 range. At the same time, Shot believes that this is an important crossroad for the king and caution is the key to profitable trading.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.