Bitcoin’s struggle to head higher continues for yet another day as the cryptocurrency extends its boring consolidation phase. From yesterday’s observation at $237.60, Bitcoin has dropped to $236.90 but the higher-top, higher-bottom structure is being maintained. In my opinion, that is the only big positive that buyers could take heart from.
Technical analysis of the daily BTC-USD price chart suggests that the bulls are still running the show.
Bitcoin Chart Structure – As has been marked in the chart above, Bitcoin has been maintaining a higher top, higher bottom pattern even during the current choppy market. But this pattern will be violated if Bitcoin closes below $230, and will provide the bears a lucrative opportunity to pounce upon.
The 12-day SMA of $233.366 is supporting Bitcoin well.
Moving Average Convergence Divergence – As MACD slows up on shedding losses, Histogram is limited to 1.3058. MACD is now at -0.0245 while Signal Line is at -1.3303.
Momentum – The increasing Momentum value should lend confidence to the market participants in the upward chart structure. This also means that traders can use dips to