Bitcoin (BTC) Price Battles Recent Highs as Technical Indicators Clash
Bitcoin (BTC) News, Price, Chart and Analysis:
- Bitcoin primed to make a move as trading range narrows further.
- Medium-term lower highs meet short-term higher lows
Q3 2019 Forecasts and Top Trading Opportunities
Bitcoin’s Narrow Trading Range Likely to Break Soon
The chart below shows Bitcoin sitting in a tight trading range today with little news flow around to give the price a nudge, one way or another. The recent $1,300 rebound of the August 29 low at $9,370 has run out of steam just below $11,000 and needs a convincing break and close above this level for the recent bullish momentum to re-start. The chart also shows that the series of lower highs starting on June 26 remain intact, while a series of shorter-term higher lows off the August 29 low print also remain in place, suggesting a technical breakout nears.
To the downside, support remains around $9,3000 to $9,080 and this area should hold for now, while to the upside the previously mentioned $11,000 level would open a re-test of the August 6 high at $12,311.
Bitcoin Daily Price Chart (April – September 5, 2019)
IG Client Sentiment data show that 79.1% of retail traders are net-long Bitcoin (BTC), a bearish contrarian indicator. However, recent daily and weekly positional changes suggest that Bitcoin could soon reverse higher.
Bitcoin Market Dominance Continues to Grow
Bitcoin’s dominance of the cryptocurrency space continues and is currently at 70%, a level last seen nearly six months ago. While recent Bitcoin sell-offs have provided bullish traders with a lower level to get in the market, the rest of the cryptocurrency market is struggling to push higher with rallies attracting sellers.
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