The cryptocurrency has broken out of the down trendline one, which shows that the momentum on the downside has decreased. We can expect a few more days of range bound action between $10,000 and $12,000.
It is difficult to predict whether the upside or the downside move comes next.
If the bulls succeed in breaking out of the 20-day EMA, which is currently at $12,218, the BTC/USD pair should rally to the down trendline two. The traders can wait for the breakout above $12,200 to sustain for about 4-hours and then buy with a stop-loss at $9,900. The target objective is a move to $14,500.
On the downside, if the bears break below $9,900, the selling is likely to intensify. The next stop on the downside is $8,000.
As we are uncertain about the next move, we have elucidated both possibilities. We don’t find any setups as long as the price remains within the range.
Interesting analysis though I'm not normally into subjective TA but always curious what people think. Short term I'm bullish on BTC (and long term but it will have its ups and downs) as seen from my data below. Check this out if it interests you: https://steemit.com/steem/@weilii/introducing-the-neux-oracle-steem-and-bitcoin-trade-signals Just started following you, would appreciate a follow back if my price analysis content interests you as well :)
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