Bitcoin is at a crucial range now. Several investors, traders, and enthusiasts are anxiously looking at the BTCUSD price. It could make a big move soon. Nobody wants to miss the action.
People are coming up with a lot of predictions and analysis for their favorite crypto. The technical indicators indeed signal an impending big move!
BTCUSD resistance weakening
The $10k level is a psychological barrier for Bitcoin. It faced severe push the last time it crossed this mark. However, BTCUSD is slowly gaining momentum, without making any rash move so far!
BTCUSD retested the level quite a few times this year. It is now trading at $9,675 and made a day’s high of $9,897. Therefore, as it is inching closer to $9,900, it has gaining resistance.
$10k could trigger another sell-off for BTCUSD
Published on: TradingView.com
The four-hour timeframe shows that BTCUSD is currently above the 20-period Exponential Moving Average. It suggests that Bitcoin has found reliable support.
Slowly and steady gains suggest that BTCUSD will dash towards $10,000. However, analysts say that there could be another round of massive sell-off. People who purchased before the previous crash would be aiming to retrieve the previous losses.
Therefore, the analysts are warning about being cautious and not jump into trades. One should only get in once the BTCUSD frenzy settles down. The price action would end shortly, and once that happens, one could look at investing in Bitcoin for the long term.
Similarly, BTCUSD could drop lower. The support is at $9,100. If Bitcoin keeps falling, the price action should be allowed to complete first. $9,100 could be an excellent opportunity to enter with a long term view.
BTCUSD technical indicators
BTCUSD is pretty close to the 50-period SMA, which is at $9,689.60. The 200-period SMA is at $9,406.94. Therefore, it signals a Bullish momentum for Bitcoin in the long run.
MACD is currently Bearish on BTCUSD and giving a ‘sell’ signal.