- BTC/USD has decided to go with the bulls, but the movement doesn't look convincing
- Next few trading sessions are key for Bitcoin price, will define BTC price action for the upcoming weeks
Yesterday, we presented two possible scenarios for Bitcoin and the main cryptocurrency has decided to go for the bullish one, returning to the $15000 area. BTC has found in this area a meaningful resistance that extends up to $16000.
Once BTC price action has been defined on the upwards side, let's get back to analyzing the current technical outlook to grasp what's next for Bitcoin. MACD and Directional Movement Index are the key indicators to check the current strength of the technical movement and how it might impact trading in the upcoming sessions.
BTC/USD Daily
 (1)-636505783222147949.png)
MACD is relaxing its bearish trend as it nears neutral levels. It is highly likely that this indicator will rest around 0, as making contact with the neutral level is the one supporting the current bullish swing and other rises that might be coming up. That doesn't mean that the current lateral bearish channel is ending here, but time for a pause is sure.
Directional Movement Index corroborates this current non-defined outlook, with buyers and sellers at the point of equilibrium and trend strength going down. Both buyers and sellers are moving at significant levels, making sure that whoever comes as the winner of this bull-bear battle will do it with force.
Key price levels for Bitcoin
On the bullish side, first key resistance for the BTC/USD is located at $15800. If this one is broken, expect the next meaningful barrier at $16500.
On the bearish side, the first support is at $13800 and next level in the sand would be $12500.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD stays in daily range slightly below 1.0900
EUR/USD continues to move up and down in a narrow band slightly below 1.0900 in the second half of the day on Monday. The modest improvement seen in risk mood makes it difficult for the US Dollar to find demand and helps the pair stay in range.
GBP/USD treads water above 1.2900 amid risk recovery
GBP/USD is keeping its range play intact above 1.2900 in the American session on Monday. The positive shift seen in risk sentiment doesn't allow the US Dollar to gather strength and helps the pair hold its ground ahead of this week's key data releases.
Gold drops to fresh 10-day low below $2,390
Gold stays under persistent bearish pressure after breaking below the key $2,400 level and trades at its lowest level in over a week below $2,390. In the absence of fundamental drivers, technical developments seem to be causing XAU/USD to stretch lower.
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Election volatility and tech earnings take centre stage
/stock-market-graph-gm532464153-55981218_XtraSmall.jpg)
The US Dollar managed to end the week higher as Trump Trades ensued. Safe-havens CHF and JPY were also higher while activity currencies such as NOK and NZD underperformed.