Bitcoin price analysis is stuck near the $23,000 support zone as the pair struggles to overcome major resistance ahead. The upside momentum is slowing down and the BTC bulls are looking increasingly exhausted. Still, they are doing well to hold the pair above the $23k support in anticipation of higher levels. The underlying bullish wave is still very much alive in the major cryptocurrency.
As of press time, BTC/USD is trading at $23,100 with neutral bias. The trading volume is steady and the technical indicators are not showing any untoward movement to either side. The price action can be termed lackluster which has been the trend over the entire weekend. The upside momentum still beckons the bulls.
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Bitcoin price movement in the last 24 hours: Weekend remains sluggish for the BTC/USD pair
The BTC/USD pair is unable to post a major green candlestick to infuse buyer’s interest. The inability to sustain the pair above $23,500 level shows that the current rally may be invalidated with a deeper push downwards. Even though the rising price channel is intact, the stagnation can cost the bulls dear. The higher lows printed on the hourly charts are getting nullified by the sideways price movement on the daily charts.
The price retraced after touching a high of $23,197 as the bullish impulse faded on some technical indicators. The short-term reversal may not bode well for the day traders as the pair can touch $22,700 lows on a hourly basis according to Bitcoin price analysis. The bulls must close the day with a major green candlestick to ensure the corrective pullback does not move into the next week’s charts. The 50 percent Fibonacci retracement shows that the pair may move towards $22,700 level in absence of a major pullback.
BTC/USD 4-hour price chart: Positivity in short supply as day traders book profits
The positivity near the lower levels around $23,000 is still there but whether it will last or not depends on the volume. The buyer’s participation would push the price towards $24,000 level and face the short-term resistance near $24k level. Bitcoin price analysis shows that a decisive bullish move towards $24,200 level can even push the BTC/USD pair towards $25,600 level at the beginning of the next week.
On the flip side, the bears won’t give the pair much leeway either. A short rally can take the pair towards $22,600 mark and even drift lower towards $22,000 in a swift selling spree according to Bitcoin price analysis. The RSI remains comfortably above 50 level and the MACD indicator is bullish biased. Thus, there are still buying opportunities in the current market.
Bitcoin price analysis conclusion: Bullish breakout requires decisive buying with large volumes
Bitcoin price action will turn bullish only after it crosses $23,650 level with decent volume. As the next week approaches, the pair will gain strength on the back of a possible ‘Flag-Pole’ pattern emerging on the hourly charts. The bullish indicator would mean that the neckline pattern on the descending triangle will break on longer timeframe charts as per Bitcoin price analysis.
With good volume data, the BTC/USD pair can move towards $24,250 really quick. Bullish day traders must maintain suitable stop loss near $23,000 level to ensure profits.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.