12:02Bitcoin Price Prediction: BTC/USD Market Consolidates Closely Below $50,000 Value
The BTC/USD market book of records has had it that the crypto-trade now consolidates very near the resistance level of $50,000 after a successful breakout of former $40,000 resistance trading line recently.
There has been a featuring of bullish candlesticks along the path of the bullish-trend line since the January 28 trading session. On Feb 8, a big bullish candlestick occurred to break out resistance around the value of $40,000. The 50-day SMA trend-line is underneath the 14-day SMA’s. They both point towards the north direction below the current trading zone of the crypto-trade. That shows that bulls are still in control of the market to some extent. Over a couple of transaction days, price levels of between $45,000 and $50,000 have been witnessing series of short-ups and short-downs. The Stochastic Oscillators are dipped into the overbought region to consolidate within it. That also signifies that the BTC/USD bulls are yet not giving any a safe grand to bears’ reliable pressures at this moment of writing.
What direction could the BTC/USD market-value move next?
On the downside, a fake breakout of the immediate $50,000 resistance value could cause small sell-offs by traders. But, the most advantage of that may not last beyond support around the $35,000 point in the long run. That said, a volatile price move is necessary to take place before a decent next market direction could obtain. In the meantime, crypto’s price may continue to trade around the $45,000 and $50,000 lines for a while.
BTC/USD 4-hour Chart
|Total comments: 0|