Bitcoin’s Bullish Efforts Seem Pegged Around $30K

It is going to almost a month now as BTC/USD seems to be unable to break away from the $30,000 area. After the incident of BTC’s crash in May, the price action appears to be performing on a sideway pattern. The consolidation is around the $30,000 area. As at the time of writing this analysis, the price action is at $29,715.

Looking at the daily chart, the 20-day moving average shows that the price action was at first below the curve. Then after this, it was joined with the candles. Also, the 9-day moving average has the price action performing across it. This is an indication of the consolidation of the price of BTC. The initial fall of Bitcoin in May is supposed to be allurement for prospective buyers to come into the market, but the fear of a further fall in price may discourage them from the investment. At this time the buyers and sellers are undecided as to the position to take, long or short.  A favourable news release can encourage investors not to withdraw from the market.

The Relative Price Index indicates a downtrend that is not too strong. The percentage of the RSI is 44.58%. The information from the Relative Price Index and that of the 20-day moving average points to a short-term downtrend. It is a tug-of-war between the bulls and the bears.

BTC’s Price Expectation

So far, Bitcoin has not been able to pass beyond $32,000. If more buyers do not join the market, the trend continue a little longer.

Teach yourself Technical analysis: Technical Analysis

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments

1. Maureen Smith says:

   January 15, 2023 at 1:37 am

   They are a complete scam. I just lost thousands of dollars with these heartless scammers and was able to get it back. PLEASE FOR YOUR OWN GOOD, DO NOT DEPOSIT a cent to them. I found help to recover my funds back, with an expert in recovering every online stolen btc, if you lost your funds, and can not claim it, contact christopheremmaunel842@gmail.com he can help you recover your stolen asset.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Alexander Evagora

• 

  Igor Kuchma

• 

  ForexSQ

• 

  getbux