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Bitcoin Technical Analysis: BTC/USD low volatility indicates a significant move to $8,000 or $10,000 is nearby

FX Street
Updated:
  • BTC/USD continues trading sideways after establishing a daily uptrend.
  • The range where Bitcoin is trading is getting tighter each week.

Bitcoin price is currently at $9,229 after a brief dip to $9,104. It is currently below the daily 12-EMA and the 26-EMA which have been unable to cross positively due to the lack of bullish continuation. 

BTC/USD daily chart

BTCUSD

The daily uptrend is really weak and on the verge of a reversal. Bulls are not holding the daily EMAs and are at risk of losing $9,000. They have managed to create a few lower long-wick candlesticks but they got no continuation. The current candlestick is again, a bullish candlestick but needs to see some follow-through.

BTC/USD 4-hour chart

btcusd

Bitcoin was in an uptrend here but lost it after the crash to $9,100. It is now trading below both EMAs. Overall, BTC has remained quite flat here as well between $9,100 and $9,350.

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