Bitcoin Price Technical Analysis for 29/5/2015 – Hitting the Resistance

By May 28, 2015Bitcoin Business
Click here to view original web page at www.newsbtc.com
Bitcoin Price Technical Analysis for 29/5/2015 – Hitting the Resistance
  • Bitcoin rises amid muted price action to hit resistance zone
  • Neither bulls nor bears show any interest in the cryptocurrency
  • Market is undecided about the future course of action

The consolidation in Bitcoin has been prolonged as neither the bulls nor the bears are interested in exerting pressure at the moment. With price action staying muted, these are definitely testing times for the traders who are positioned in this sideways market.

Bitcoin is marginally positive from yesterday, rising 0.2% to $235.88.

bitcoin

Image: https://www.tradingview.com/x/Tov5FEB9/

Technical analysis of the 240-minute BTC/USD price chart reveals that even as the cryptocurrency hits the resistance for the third time, the momentum is tilted in favor of the sellers.

Bitcoin Chart Structure – The chart above tells that Bitcoin recently made the third attempt to break the resistance zone of $236-238 but, owing to a lack of strength and momentum, it has failed to achieve its target.

Moving Average Convergence Divergence – The MACD indicator has positively crossed the Signal Line, lifting the Histogram into the positive territory. However, this is marred by the negative values of the MACD and the Signal Line, which comes in at -0.2763 and -0.4200 respectively. The Histogram value is only slightly positive at 0.1437.

Momentum – Even as the price edges up, the sentiment remains bearish considering the latest 14-4h Momentum reading of -1.500.

Relative Strength Index – The 14-4h RSI value of 47.3560 does not inspire confidence in the bulls.

Conclusion

There is not much that market participants can do right now, except wait for the market to choose a direction. With volatility also down to lows, there are no clear signals regarding the future course of price. Traders can consider building light short positions at present levels for a target of $230. Stop-loss should be strictly placed above the resistance zone. Staying abreast with latest fundamental developments, such as the rise in US Dollar Index, must also be closely watched for any clues and avoid price shocks. Sideways movement may continue for the next 24-36 hours.

Neither bulls nor bears show any interest in the cryptocurrency

Market is undecided about the future course of action The consolidation in Bitcoin has been prolonged as neither the bulls nor the bears are interested in exerting pressure at the moment. With price action staying muted, these are definitely testing times for the traders who are positioned in this sideways market. Bitcoin is […]

Leave a Reply

All Today's Crypto News In One Place