cryptocoinsnews.com / VENZEN KHAOSAN / 24/07/2015
Bitcoin price has been drawing sideways in a narrowing range for over a week. The market will soon become frustrated with its inability to make new highs or lows, and this is the perfect setup for a strong directional move.
Bitcoin Price Analysis
Price is currently beneath both the 20MA and 200MA in the hourly chart, across exchanges. In the 4-hour and 1-day charts price is trading below the 20MA but above the 200MA, and at all the above mentioned timeframes price is consolidating to the 20MA – forming candles just below it.
Our momentum indicators (RSI and MACD) are positioned in the middle of their ranges in the 1-hour, 4-hour and 1-day charts.
Given all the above conditions we can conclude that there is a price consolidation underway at the larger degree of trend. Whether it will still unfold price swings outside of the last week’s $10 range, remains to be seen and we cannot make confident assumptions about that.
A reiteration of our outlook and trading plan is as follows: