It’s been not such a pleasing day for Bitcoin so far. It didn’t seem like that at first because during the morning (UTC) it spent several hours trading sideways. Then, at 13:13 UTC Bitcoin price was boosted by a sudden peak in trading volumes, but then it lost $230 in price in fewer than five minutes.
That caused the Bollinger bands to widen considerably, and for a few minutes, it seemed that BTC would start trending downward. So the bears took over the market again, and the price went down by about $300 in the next 45 minutes.
After that, the Bollinger bands narrowed down again, and it started to go sideways again for a few hours. At 16:57 UTC we saw another sudden peak in bullish trade volumes. But this time the bears have managed to keep the bulls at bay, so the Bitcoin price remains moving sideways precisely at the $10000 level, approximately.
Let’s see what we can learn from today’s technical analysis for the daily and monthly time frames.
24-hour technical analysis
The price already tested and broke the first support level of USD 10,200, and it looks like it will soon start a new test against the next support level of USD 9,900. While these are bearish signals, the overall panorama remains neutral if not green.
This is hard to understand because seven out of twelve moving averages are signalling for the bulls, but it makes more sense when you realize that most of the technical indicators are indeed bearish.