Ever since the fall from all time high, Bitcoin price has been flat within a small price range. Crypto investors have been getting bored of this price action after nearly 12 months of high volatility. The cryptocurrency market often consolidates through periods like this after a large trend was set for many months. This is part of the dynamics of markets and without these slow consolidation periods, large moves would not be possible.
Many indications show BTC price may be ready to break out of this range very soon.
While looking at the descending channel shown in red, we can see bulls and bears have equally defended the top and bottom trends of the channel. BTC price has been trading above the median line for nearly 2 weeks, which is considered the bullish territory of the channel.
Along with the median line, BTC price has been holding above its major support zone of $31,100-$32,200. A break below these two marks will end in a major free-fall below the $30,000 mark.
For BTC price to break into a bullish trend, it must break the top trend of the descending channel along with the major resistance zone of $35,000. If bulls manage to hold price above these values, BTC price will likely rise to $36,500+. Along with these two marks lies the 50 Day MA. This is shown in blue and it has acted as resistance for nearly 2 months. BTC must clear all these important lines to be set free for a push to high $30,000’s.
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The Stochastic RSI recently experienced a rejection at the overbought value of 80. Above this value is where price experiences the largest upward pushes. If strength continues down below the 50 value, BTC will likely sweep its major support zone. The RSI has been coming to an apex throughout the last month. Two trend lines indicate a large move within 9 days.
BTC price intraday levels
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