The price of Bitcoin continues locked on one side. If you are interested in knowing the BTC trend for the next few days, check out this analysis.
A negative week for the price of Bitcoin is about to end. Today we will be conducting a situation analysis of the BTC trend, in order to forecast the possible future in the short term.
Bitcoin price analysis
The best way to make a price prediction for the near future is to review the time frames from highest to lowest, in order to have a vision of the complete picture.
Even though the week was one of losses for much of the crypto market, Bitcoin still continues to maintain an upward trend for the medium term, identifiable if we look at the weekly chart.
The exponential moving averages of 18 and simple of 8 weeks, are crossed to the upside, and functioning as dynamic supports in the midst of the upward climb, which we have experienced during the last months.
The 200-week SMA is also bullish today, supporting the historical positive trend of the largest cryptocurrency.
From this time frame we can see the relevance of the great resistance zone, located approximately between USD 10,350, and USD 9,950.
The presence of sellers there is causing the price to drop again today.
However, even Bitcoin bears have a major hurdle, and it is the support at $ 8,750, which makes the medium-term trend bullish today.
At the moment, the drop we are witnessing is not yet very relevant. A leak above $ 10,000 is still most likely.
BTC short-term trend
From the daily chart is where we can begin to observe the damage caused by the recent price drop, capable of changing the trend in the short term.
Fast moving averages, great for quickly identifying Bitcoin’s trend, are bearish crossover.
Currently the price of Bitcoin is showing the intention to start a new bearish momentum, which could reach the surrounding area at $ 8,750.
As explained in previous paragraphs, it is still possible to observe the income of important purchases in an unexpected way, taking into account that the larger trends always have greater force.
However, we must also consider that markets are fractals, and what happens in small time frames, in the end ends up influencing the larger ones.
At the moment, short sales do not have too much space to operate.
Let’s wait how Bitcoin reacts to nearby supports, from here we will be informing you what is happening.
For a very short-term view, the 4-hour time frame is really helpful, so let’s check out what’s going on there.
The same thing that is observed in the daily chart of Bitcoin, we can see it here, only with more noise. Just as if it were a matrioshka , other important supports appear.
The bears are currently struggling to break a support at $ 9,385. If this occurs, sales would extend to at least USD 9,135. Then the immediate weekly support is next to visit, $ 8,750.
The bearish scenario is the most likely in the short term. However, as I mentioned, sales still don’t have much room to make interesting profits.
For this to change, first the resistance at USD 9,500 approx. it must be crossed, then the most important is the one located at USD 9,950.
All our publications are for informational purposes, so they should not be accepted as investment advice under any circumstances.