Following our recent BTC price analysis, Bitcoin is still “boring.” Traders are not used to this kind of stability that carries almost no trading volume at all. For the long-term, a stable Bitcoin is good for the mass adoption. Less for day traders.
- The overall picture stays pretty much the same.
- Bollinger bands are getting tighter and tighter. I won’t be surprised to see a quick move, up or down, in the next 24-48 hours.
- Bitcoin is on top the $6400 support area, with little glitches to support at $6350. As of now, the three important moving average lines (200, 100 and 50 days MA) are above Bitcoin’s price.
- Bitcoin is around significant resistance area $6420 – $6530: the three moving average lines from above, along with descending trend-line.
- Support lies very close as well: $6350 – $6400, ascending trend-line around $6300.
- Zooming out of the tight range, the next significant support lies at $6250 and after is $6100. The next major resistance area is located around $6670 and $6800.
- The fact that there is no decision makes the last week’s trading very dull with not much action.
- BitFinex has 32K open short positions. This number has declined over the past days.
- RSI levels are close to their low levels; Market is oversold as of now.
- As a reminder: The market is still bearish. I would change my mind, if and only Bitcoin will create a higher-low and breaking above $6800.