2020-4-29 13:09 |
Key Highlights
• BTC/USD market still trades in a range-bound manner around a high point at $8,000.
• The bears have not had strength against the low buying pressures in BTC/USD trade.
• Traders need adhering to precautionary steps when placing an order in BTC/USD market.
• Major supply zones: $8,400, $8,800, $9,200
• Major demand zones: $7,200, $6,800, $6,400
Yet, Bitcoin’s price continues to make a move in a range-bound manner as it is now hovering around a high point at $8,000. There have been more progressive efforts in the crypto’s way-line to the north at the expense of the bears’ slight weaknesses so far.
It is apparent that the bulls are slowly and steadily swinging with small forces, but may not be ideal for a long entry position as could have been late. The bears have not had a good time to counter the low buying pressures in the market line of BTC/USD.
Bitcoin (BTC) Technical Indicators ReadingThe Bollinger Bands are a bit tending to trend towards the north-east direction. Most especially, the Upper Bollinger Band is more pointing to the north. The 50-day SMA trend-line is underneath them, also pointing to the north-east. All those indicate a continuation in the long-moving range condition of BTC/USD market. The Stochastic Oscillators have equally continued to move in a consolidation mote around range 80 to signify a prolongation of the moves.
ConclusionBTC/USD market may continue to rise in a range-moving outlook as long as price trades along with the Upper Bollinger Band trend-line. A move past an $8,000 mark, will allow the cryptocurrency to reach the next supply zone at $8,400. Every necessary precautionary step needs to adhere when placing an order.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.
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