Bitcoin is trading flat as market looks to consolidate after a big fall. We discussed in our previous Bitcoin price analysis An Expected Decline that market participants should look to cover their short positions near $260. The cryptocurrency can be seen sustaining above this level.
Bitcoin is now trading at $264.91, down 0.05 percent from yesterday.
Technical analysis of the daily BTC-USD price chart once again reiterates that short covering may be the viable option at the current levels. 2 leading indicators are conveying that price may rise in the coming sessions.
Bitcoin Chart Structure – Bitcoin’s price action in the past 24 hours has been very tight, oscillating between $261-267.
Fibonacci Retracements – The 50% Fibonacci retracement of $268.50 is still the ceiling for the cryptocurrency.
Moving Average Convergence Divergence – The MACD and the Histogram are deep in the negative region with respective values of -2.6214 and -3.6661 respectively. Signal Line is, however, managing its positive stance – the latest value is 1.0447.
Momentum – The Momentum indicator erased some losses as market participants eased down on