Bitcoin is trying to rise after last week saw consolidation near the lower band at $39k. Now BTCUSD is at the $41k level, although it is still being rejected near the MA 50.
Recently, CTTC reminded investors who trust to place their funds using AI trading bots, most of which produce 100% losses.
This warning is important for crypto investors because promotions using AI trading bots are widespread and the results seem promising. Despite a surge in popularity, the United States Commodity Futures Trading Commission (CFTC) reiterates that AI cannot predict the future.
From a technical analysis perspective. today BTCUSD is moving near the middle band which may be an important point in the next bitcoin. A break of the MA 50 allows the price to rise to the $45k level. However, creating a lower low allows the price to land near $40k.
Meanwhile, the 200 MA is far below the lower band forming an upward channel even though it is sloping, signaling a long-term uptrend. On the other hand, the RSI is at level 48, which means it is below the downtrend level.
On H1 the price moves near the lower band, this may be a support zone in this area. On the other hand, the MA 50 is slightly above the price forming a flat channel indicating a sideways market. Bollinger bands are slightly expanding, indicating increasing volatility in the medium range. and RSI shows level 42 which means the price is below the downtrend level.