ForexMinute.com – We see no influential changes in the Bitcoin chart. The price there is trending sideways in absence of volatile trading volume. An overlong balanced movement is alarming, as it has always ended up going downwards if one notices the previous trends.
BTC/USD 4H BTC/USD BitFinex Chart
After attempting a near-term bullish correction last weekend, the BTC/USD was carefully pulled back in today’s trading session, thanks to the prevailing bearish presence in the market. The technical indicators also pointed towards bears, as the price continued to trend below the key SMAs, while the RSI remained somewhere around 49.
In the meantime, we can also see the growing contraction between Bollinger bands indicating congestion in absence of substantial trading volume. At this point of time, influential bulls and bears are nowhere in the picture; thus giving shaky hands a reason to short their holdings. In case it happens, the price will be forced to test its prevailing support around 170-173.
In case the price picks up the pace towards the upside, we can expect it to test a strong resistance around 230-240 area, with an upside risk towards the 275 handle. A break above that level will indeed reduce the bearish bias while its extinction would be confirmed only if the price jumps above 320.
The altcoin market is quite stable for now, with each cryptocurrency showing a little-to-notable surge. In the last 24 hours, the Litecoin, NXT and Dogecoin has jumped 1-2%, while Darkcoin has climbed around 3%.