- Bitcoin price continues to hand in the balance within a narrow range between $8,700 and $8,000.
- Bitcoin’s ability to hold above $8,700 diminishes with each treading session since Monday.
Spot rate: $8,738
Relative change: -20
Percentage change: -0.23%
Volatility: Low
Trend: Bearish
BTC/USD daily chart
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Bitcoin bulls must defend the falling wedge triangle support as if their lives depend on it.
The bearish cross with the MACD suggests that Bitcoin has a bearish bias in the short term.
BTC/USD 4-hour chart
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The previous DMI signal was bearish while the DMI is trending sideways at 20, which suggests that BTC will continue trading sideways.
The MACD in this range has a bullish cross to show that the bulls are relatively in control.
BTC/USD 1-hour chart
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With the 50 SMA below the 100 SMA bears are likely to hold the mantle longer than expected.
The resistance at $8,800 (100 SMA) must come down for trading above $9,000 to become a reality.
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