Bitcoin Price Key Highlights
Bitcoin price is still on an uptrend but it is in a slow crawl these days.
Support at the bottom of the channel held and price is treading close to the mid-channel area of interest, which appears to be holding as resistance for now.
This period of low volatility could be the calm before the storm, as a strong break might ensue in either direction.
Bitcoin price is undergoing low trading volatility conditions, as investors are holding out for top-tier market catalysts this week. Technical Indicators Signals
The moving averages are oscillating so the consolidation could carry on for the time being. A break past the $420 level could generate enough bullish momentum for a test of the channel resistance at $430. On the other hand, if the $420 area keeps gains in check, another test of support around $410-415 could take place.
RSI is treading sideways, also suggesting that consolidation could stay in play. Stochastic is on the move up, which means that buyers are in control, but this oscillator is already indicating overbought conditions. Once it turns lower, sellers could gain the upper hand.
Stronger selling momentum might even lead to a break below the channel support and a longer-term selloff for bitcoin price. This could take it down to the next area of interest at $400 then at $380. Market Events Perhaps the market event that could serve as a strong catalyst for a big move or a prolonged trend is the FOMC minutes release. Fed officials have been giving mixed messages lately, with some hawkish members affirming that rate hikes are still likely this year and Fed head Yellen suggesting that more caution is warranted.The FOMC minutes should shed more light on how policymakers stand and what the central bank’s […]
