Bitcoin less optimistic as Short Term Trend Signals Immobility

After experiencing extreme volatility in recent days and weeks, Bitcoin (BTC) has been trapped within a narrow trading range in the middle of relatively $ 9,000 regions, and has been able to determine where it is going from here. In which direction it tends in the medium term.

Analysts now point out that Bitcoin is currently between two key levels, with resistance above its current value and support directly below it, and investors can soon learn more about the long-term importance of their recent upturn because it breaks up or down. One of these levels.

Bitcoin consolidates after meteor movement

At the time of writing, bitcoin is trading at its current price of $ 9,370, a slight drop from daily highs below $ 9,500 and a slight drop from its daily lows of $ 9,250.

This relatively narrow trading range occurs shortly after the BTC exceeded $ 7,300 by more than $ 10,700, and analysts believe it should be above the lower short-term areas of 9,000 to boost its expansion. Must be .

In a recent tweet, Big Chonis, a popular cryptocurrency analyst on Twitter, talked about the importance of keeping the BTC above $ 9,000, explaining that a break below this level is also a break below the moving average of 200 days. Will mark

"$ BTC - Chop Chop #bitcoin has continued to decline in MA100 with a limit of around $ 1000 and per volume per day as tracking volumes have dropped significantly, but at higher EMA terms, current above $ 9k above the lower level being tested. The MA200 is ideal for support, ”he explained.

Analyst: a break below $9,300 will feed BTC beers

Echoing the sentiment of Big Chonis, another popular cryptocurrency analyst on Twitter, Credit, explained in a tweet that BTC bears should have cryptocurrencies above $ 9,300 in the short term, like a daily cryptocurrency below this level. It can cause a deep bite. Its recent benefits.

"$ BTC: the newspaper closed worse than what I saw during my update. It is still in the support area, but given the dark weekly chart and the inability to close above $ 9300, I'm flat for now." If the bulls have a calf, then the dotted line ($ 9500) is the level of breakdown for continuity <, "he said, pointing to the chart below.
The short-term trend of BTC will light up in the next few hours, as the way it reacts to the two previous levels will provide important information in which direction the market is heading.