- Bitcoin has just entered into the fourth parabolic phase dating back to 2010.
- An upward movement in the short-term will require a mega boost by a catalyst or a technical breakout.
Bitcoin investors are advised to look at the long-term timeframe charts instead of fretting over short-term fluctuations. However, for day traders, short-term movements are key to making a profit and also to avoid getting stuck in one position longer than necessary.
As for Peter Brandt, a renowned trader, and analyst, Bitcoin has just entered the fourth parabolic phase dating back to 2010. He adds that BTC has $100,000 in focus and all the indicators of past parabolic phases have aligned for next rally.
Bitcoin Price Technical Picture
A glance at Bitcoin’s short-term one-hour chart, we see an asset that is sliding into a sideways range. The recovery from the recent low sustained the trend within a gradually ascending channel. However, no significant movement occurred above $9,800. A situation that led to a retracement towards new short-term support at $9,750.
BTC/USD 1-Hour Chart
At press time, Bitcoin is teetering at $9,775 where the price action is capped within a narrow range; $9,800-$9,750. From a technical perspective, Bitcoin is likely to continue trending sideways in the short-term.
The Relative Strength Index (RSI) at 61.56 is leveling after the retreat from the overbought during the weekend session. As long as the RSI remains in the current range, BTC/USD could hold within the range longer. The upward movement will require a mega boost from a catalyst or a technical breakout.
The Moving Average Convergence Divergence (MACD) suggests that the buyers have the upper hand despite the retreat from levels above $9,800. The indicator’s divergence will also signal next direction BTC will take after breaking out of the narrow range.
Bitcoin Key Technical Levels
Spot rate: $9,775
Support areas: $9,750, $9,600 and $9,400 – $9,200.
Resistance zones: $9,800, $10,000 and $10,400.
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