Bitcoin Price Key Highlights Bitcoin price is still inside its descending channel on the 4-hour time frame but is testing the resistance again.
Price just came off a test of the top of the channel but didn’t get enough bearish momentum to make it all the way down to the bottom.
Technical indicators are hinting at another potential drop.
Bitcoin price is testing the channel resistance once more, still deciding whether to make a bounce or a breakout.
Technical Indicators Signals
The 100 SMA is still above the 200 SMA for now with a downward crossover looming. If that happens, more sellers could join the fold and increase bearish pressure enough to lead to a drop until the channel support near $380.
RSI is heading north so buyers are still in control but the oscillator is nearing the overbought levels. Stochastic is also heading up and approaching the overbought zone, which could mean that buyers are getting exhausted and ready to let sellers take over.
However, if buyers stay in control, a break above the $420 channel resistance, area of interest, and 100 SMA could take place. This might allow bitcoin price to climb to the next ceiling around $450 or up to $465, depending on how this week’s market events play out. Market Catalysts Last week had plenty of top-tier events lined up but these failed to provide a clear direction for bitcoin price against USD, possibly because traders are holding out for this week’s FOMC statement. No actual changes in monetary policy are expected, but the Fed’s revised projections on growth and inflation could provide some guidance on when the next hike might be.Any indication that a couple of rate hikes are still on for the year could spur dollar demand, allowing bitcoin price to get rejected at […]
