CRYPTO NEWS: THE PRICE OF BTC CONTINUES WITHIN A NARROW BAND.

THE PRICE OF BTC CONTINUES WITHIN A NARROW BAND. THE PRICE OF BITCOIN HAS BEEN FLUCTUATING WITHIN A CONSTRAINED RANGE FOR MORE THAN A WEEK. OVER THE PRECEDING THREE DAYS, THE COIN HAD MADE SEVERAL ATTEMPTS TO GO NORTH. IT HASN’T, HOWEVER, BEEN ABLE TO TRADE CLOSE TO THE $20,000 MARK.

THE PRICE OF BTC CONTINUES WITHIN A NARROW BAND:

THE PRICE OF BTC CONTINUES WITHIN A NARROW BAND
THE PRICE OF BTC CONTINUES WITHIN A NARROW BAND

THE PRICE OF BITCOIN HAS LARGELY FLUCTUATED AROUND $18,000 AND $20,000, RESPECTIVELY.

BTC DECLINED BY 0.4% DURING THE PAST DAY, INDICATING THAT THERE HASN’T BEEN MUCH OF A CHANGE IN PRICE.

BTC LOST 1.1% OF ITS VALUE OVER THE PREVIOUS WEEK. MARKET MOVERS HAVE STAYED UNINTERESTING ON THEIR SEPARATE PRICE CHARTS AS A RESULT OF THE CHOPPY OVERALL MARKET STRENGTH.

THE BEARS’ TECHNICAL FORECAST FOR BITCOIN HAS NOT CHANGED. BECAUSE BITCOIN DEMAND HAS SLOWED, BUYING POWER HAS REMAINED LOW.

THE UPCOMING TRADING SESSIONS ARE EXPECTED TO SEE BITCOIN RETRACE MUCH MORE AND TRADE JUST BELOW THE $18,900 PRICE LEVEL, ACCORDING TO ITS ONE-DAY CHART.

BECAUSE IT WILL INFLUENCE THE NEXT MOVE OF BITCOIN BASED ON DEMAND, THIS SUPPORT LEVEL REPRESENTS A CRUCIAL PRICE LEVEL FOR THE COIN.

THE PRICE OF BTC CONTINUES WITHIN A NARROW BAND

ONE-DAY CHART ANALYSIS FOR BITCOIN:

ON THE ONE-DAY CHART, THE PRICE OF BITCOIN WAS $19,100 | SOURCE: BTCUSD ON TRADINGVIEW

AT THE TIME OF WRITING, THE PRICE OF BTC WAS $19,100. THE PRICE OF THE COIN HAS FLUCTUATED BETWEEN $19,400 AND $19,000.

THE BEARS WILL BECOME EVEN MORE POWERFUL IF MOVEMENT CONTINUES IN THE SAME RHYTHM. OVERHEAD RESISTANCE FOR THE COIN WAS AT $19,600, AND IF IT IS PASSED, BTC WILL ONCE MORE HAVE DIFFICULTY CROSSING THE $20,000 MARK.

ONLY ONCE THE PRICE REACHES $20,000 WILL THE BULLS TAKE OVER. THE CLOSEST SUPPORT, THOUGH, WOULD BE $18,900. THIS IS THE COIN’S MOST IMPORTANT SUPPORT LINE.

BTC WILL CLIMB TO $18,300 AND THEN TO $17,400 IF IT DROPS FROM THERE. THE VOLUME OF BITCOIN EXCHANGED DURING THE MOST RECENT SESSION CHANGED TO THE GREEN, WHICH WOULD POINT TO A SLIGHT INCREASE OF PURCHASERS.

TECHNICAL EVALUATION:

ON THE ONE-DAY CHART FOR BITCOIN, THERE WAS A LITTLE INCREASE IN BUYING POWER | SOURCE: BTCUSD ON TRADINGVIEW

OVER THE PAST 24 HOURS, THERE HAS BEEN A MODEST UPTICK IN DEMAND FOR THE COIN. THE MARKET HAS BEEN DOMINATED BY SELLERS FOR THE MAJORITY OF THIS MONTH AS DEMAND FOR BITCOIN HAS BEEN RELATIVELY MODEST.

ON THE ONE-DAY CHART, THERE WERE FEWER BUYERS THAN SELLERS BECAUSE THE RELATIVE STRENGTH INDEX WAS BELOW THE HALF-LINE.

WHEN SELLERS WERE DRIVING THE MARKET’S PRICE MOMENTUM RATHER THAN BUYERS, THE PRICE OF BITCOIN FELL BELOW THE 20-SMA LINE.

BITCOIN’S ONE-DAY CHART DISPLAYED A BUY SIGNAL | BTCUSD AS A SOURCE ON TRADINGVIEW:

BTC’S PURCHASE SIGNAL WAS STILL VISIBLE ON THE CHART, THOUGH. HOWEVER, THOSE WERE IN DECLINE AND A SELL SIGNAL WOULD SOON TAKE THEIR PLACE.

THE CONVERGENCE OF MOVING AVERAGES DIVERGENCE REVEALS THE ASSET’S PRICE VELOCITIES AND TRENDS. GREEN SIGNAL BARS ON THE MACD WERE STILL VISIBLE, INDICATING A PURCHASE SIGNAL FOR THE COIN.

ADDITIONALLY, THE ASSET’S PRICE DIRECTION IS INDICATED BY THE PARABOLIC SAR. SINCE THE PARABOLIC SAR WAS ABOVE THE CANDLESTICKS, THE ASSET’S PRICE WAS IN A BEARISH TREND.

THE INDICATOR SHOWED A DECREASING TREND IN THE PRICE OF BITCOIN, WHICH MIGHT BE REVERSED IF DEMAND APPEARED AGAIN ON THE CHART.

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CRYPTO NEWS: THE PRICE OF BTC CONTINUES WITHIN A NARROW BAND.

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