Bitcoin Price Trapped In Narrow Range as Market Uncertainty Increases; What’s Next $30k or $25k?
Over the past five days, the Bitcoin price has been wobbling in a narrow range of $27300-$26700, creating a sense of uncertainty in the crypto market. During this period, the coin price showed failed attempts to breach the range barriers reflecting the traders’ lack of commitment on either side. In this article, we’ll try to figure out the most possible outcome for BTC price using the technical chart.
Key Points:
- A breakdown below $26700 may set the Bitcoin price for a 5% drop
- A bearish crossover between the 20-and-50-day EMA may encourage more selling orders in the market
- The intraday trading volume in Bitcoin is $12.5 Billion, indicating a 3.3% gain.
Source-Tradingview
While the ongoing price movement reflects indecisiveness and a sideways trend in Bitcoin, the prices under the influence of a channel pattern follow a correction phase in a short-term trend.
On May 15th, the BTC price showed a long-wick rejection from the range resistance of $27300, indicating the sellers are aggressively rejecting at a higher price. Thus, the coin price dropped 2% in the last two days and is ready to challenge the lower support of $26700.
A daily candle below the aforementioned support will replenish the selling pressure and plunge the prices by 5% to hit the lower trendline of the wedge pattern.
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However, if the prices couldn’t sustain below $26700 support the ongoing consolidation may prolong a few more sessions.
Conversely, the trades looking for a long opportunity must wait for a breakout above the overhead trendline.
Technical Indicator
Exponential Moving Average: The coin price trading above the 200-day EMA slope reflect the BTC price is bullish in long term
Moving Average Convergence Divergence: An downsloping in MACD(blue) and signal(orange) accentuates the ongoing downtrend in Bitcoin price.
Bitcoin Price Intraday Levels
- Spot rate: $26661
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $27300 and $29100
- Support levels- $27000 and $25200
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