Bitcoin Maintains its trend of Oscillation and trades with upper swing

Fibo Quantum

  • Bitcoin continues to swing in the range of $9700 to $10,200.
  • BTC takes a leap towards the upper end of the range today.
  • BTC trading price to take a direction after it comes out of the oscillating loop.

Bitcoin manifests a confusing movement with one day of bearish trends and on the contrary, having bullish trends on the other day. With this, The coin keeps trading in a psychological range of prices between $9700 to $10,200.

With this, $10,200 becomes the new resistance level and $9700 becomes the major support level. If the coin trading towards the lower end of the range instigates to fall below $9500, the investors will be making losses on their investments.

Bitcoin Price Analysis:

BTC Chart by TradingView

Bitcoin, along with other altcoins, exhibits a bullish movement today. This week had been a mix of multiple trends wherein the coin went as high as $11,048.66 and as low as $9,614.31. During the past weekend, the coin crossed $11,000 but could not hold its position at the said price and fell again. No superficial movement observed that could take the coin to an elevated price level.

BTC price climbed by 5.41% to trade as high as $10,191.30 today, from the trading price of $9667.38 yesterday. Today, the price started with an upsurge and is currently trading at $10,086.97 at 05:50 UTC as on 27th July.

Technical Indicators and BTC Price Prediction:

With the current trading price, the coin is deemed to face $10,000 and $10,200 as its major resistance. And if the coin slips below it, the coin will start facing the selling pressure.

The coin’s price trend can get a direction once it is out of this loop of oscillations.

The current price is 7.49% and 3.16% less than the coin’s respective 30-day SMA ($10,904.54) and 30-day EMA ($10,416.77).

The MACD of the coin maintains a flat trend along with a continued bearish outlook as the signal line crosses the MACD line.

The RSI of the coins rises from the oversold region and currently exhibits no extremities.

As per the Fib retracement, the immediate resistance lies at $10,186.38.

The newer uptrend in the coin will give a direction to the trading once the oscillating loop is broken and with this, the coin is expected to trade around $15,000 to $20,000 by the end of the year.