By Ifaenyi Egede (Nigeria)
For days now, Bitcoin has been hovering around the $9,400 trading mark. Taking a good look at the 4-hour and daily chart, one would discover that both show the MA-50 pink line. This sideways movement has been going on for like a week now with a movement below $9,200 witnessed. The new trading range is now between $9,200 and $9,500. The movement between the marks shows that Bitcoin is experiencing a stable movement. Due to the recent volatility that has rocked the crypto market, Bitcoin can be said to be the only coin that has performed fairly compared to other cryptos.
Bitcoin chart forming a symmetrical triangle
Taking a look at historically at the Bitcoin movement since its inception, one would deduce that the leading digital asset doesn’t stay in a position for a long time. A big move that will shake the crypto world is expected to happen in the coming days. The 4-hour chart shows that Bitcoin has been moving gradually and forming a symmetrical triangle. This shows that with the price range that the coin is moving towards shows a bullish and bearish presence.
Also read:Trading volumes of the last two days can be said to be the lowest recorded since the beginning of March. The daily RSI supports the theory and is, therefore, moving towards the horizontal lines of 46. If a break back between 52 and 56 is experienced, then a bullish run is imminent.
Bullish run imminent
From the above data, Bitcoin now has its resistance pegged at the $9,400 mark and a movement along the 50 days moving average line. After the $9,400, it’s a $9,600 resistance level, which coincidentally is the digital asset’s highest price mark in the last 7 days. The last resistance level is the $9,800 and $9,850 mark, and a move above that would mean bullish implications.
Looking at it from a bearish angle, the first support level lies at $9,230, which has been the lowest price the crypto registered in the last seven days. Going further below is the $8,900 and $9,000 support level, a level it has tested in previous weeks. Presently, digital assets have their total market capitalization at $263 billion, with Bitcoins total market capitalization at $171.3 billion. BTC dominance index has now moved close to the 65%.
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