Bitcoin Price Key Highlights
- Bitcoin price is still treading sideways, right in the middle of its range visible on the 1-hour and 4-hour charts.
- Price has yet to break out of the current consolidation to show whether it would make a test of support or resistance.
- Technical indicators seem to be suggesting that a move towards the bottom of the range is due.
Bitcoin price still seems to be waiting for directional clues as it moves sideways in the middle of a $600-sized range.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, a move lower is more likely to happen than a break higher. The moving averages also appear to be holding as dynamic resistance levels as well.
Stochastic is turning lower after recently hitting overbought levels, also suggesting a return in selling pressure. This might be enough to take bitcoin price to the bottom of its range at $6,200. RSI is already on the move down to confirm that sellers have the upper hand.