Cryptocurrency & Blockchain Business

Bitcoin price prediction: BTC/USD chooses the bullish side with an unconvincing move

  • BTC/USD has decided to go with the bulls, but the movement doesn’t look convincing
  • Next few trading sessions are key for Bitcoin price, will define BTC price action for the upcoming weeks

Yesterday, we presented two possible scenarios for Bitcoin and the main cryptocurrency has decided to go for the bullish one, returning to the $15000 area. BTC has found in this area a meaningful resistance that extends up to $16000.

Once BTC price action has been defined on the upwards side, let’s get back to analyzing the current technical outlook to grasp what’s next for Bitcoin. MACD and Directional Movement Index are the key indicatorsto check the current strength of the technical movement and how it might impact trading in the upcoming sessions.

BTC/USD Daily

MACD is relaxing its bearish trend as it nears neutral levels. It is highly likely that this indicator will rest around 0, as making contact with the neutral level is the one supporting the current bullish swing and other rises that might be coming up. That doesn’t mean that the current lateral bearish channel is ending here, but time for a pause is sure.

Directional Movement Index corroborates this current non-defined outlook, with buyers and sellers at the point of equilibrium and trend strength going down. Both buyers and sellers are moving at significant levels, making sure that whoever comes as the winner of this bull-bear battle will do it with force.

Key price levels for Bitcoin

On the bullish side, first key resistance for the BTC/USD is located at $15800. If this one is broken, expect the next meaningful barrier at $16500.

On the bearish side, the first support is at $13800 and next level in the sand would be $12500.

Source: fxstreet.com
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