Bitcoin – Updated Ideas for the Boring Market
Bitcoin / Dollar BITSTAMP:BTCUSD
After confirmation the reversal from the support zone formed by SMA50 and SMA100, the price could not develop the upward movement. The market moves sideways and it seems logical. We don’t have any news which could change the supply/demand. As a result, the market has no reasons for falling or moving upward. Big players are not active too.
If the market does not have support from outside, by news or active buying, the sideways movement will be continued. Also, there is no support for sellers.
The indicators confirm the range market conditions.
MACD histogram is at the signal level. ADX line of DMI indicator falls and it tells us that we should not expect strong movements now.
Even if the price moves upward, there will be a resistance zone between 4000.00 and 4200.00 levels. For breaking it, the market will need fundamental support. Without it, we will be able to see a bull trap one more time.
In order to get the whole picture for this market, I advise you to read my previous posts about BTC . They are still workable. You can find them in the related idea.
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Source: TW DLavrov