Bitcoin Price Analysis: BTC/USD Still In Range
Bitcoin price continued to stay in a tiny range against the US Dollar during the past few sessions, and there no major move noted in the BTC/USD pair.
I highlighted a minor range pattern on the hourly chart (data feed via Bitstamp) of BTC/USD, which is still valid and acting as a resistance and support.
Bitcoin Price Consolidation
The BTC to USD was not impressive at all during the past few hours, as the price continued to move in a small range. There was no real movement in the price, which is why many traders were annoyed. It’s like the price is preparing for the next ride in the near term.
However, the price mostly traded towards the range resistance area and made a lot of attempts to trade higher. It looks like the BTC bulls are failing to close the price above the 38.2% Fib retracement level of the last drop from the $626 high to $594 low.
Let us see how long the price can trade in the highlighted consolidation pattern on the hourly chart (data feed via Bitstamp) of BTC/USD. The price is now above the 100 hourly simple moving average, which is a good sign.
If the BTC bulls manage to outpace the sellers, then there is a chance of an upside drift towards the 61.8% Fib retracement level of the last drop from the $626 high to $594 low.
I think the chances of an upside move are a lot of more compared with a move down. So, if there is a break above the resistance area one may consider buying BTC.
The hourly RSI is comfortably placed above the 50 level, which means there is a risk of an upside move in the near term.
Chart Source – TradingView.com and data feed by Bitstamp