The ongoing spree of extremely thin trading sessions has taken many market participants by surprise. After hitting levels of sub-$200, Bitcoin raced back up to hit $235-237 but very few would have expected the cryptocurrency to have gone tight-ranged since then.
Bitcoin is currently trading at $229.14, up 0.94 percent as the bulls manage to keep the price hovering near the resistance.
As Bitcoin continues to trade near the recent highs, expectations are rising that the cryptocurrency may eventually pierce the resistance, but let us find out what the latest technical indications are.
Bitcoin Chart Structure – The resistance for Bitcoin is $235, above which, we may see the cryptocurrency head towards $260. But if the bulls continue to spend time below the resistance, then things may take an unfavorable turn for them.
Moving Averages – The 30-day SMA of $248.3953 has crossed the 200-day SMA of $250.7039 on the downside, confirming the bearish bias.
Moving Average Convergence Divergence – MACD continues to head for the less-negative levels after Histogram jumped into the positive territory. MACD currently has a value of -10.2286, Signal Line