BTCUSD Low Volatility

BTCUSD CHART PRICE – BTCUSD DAILY

We have not seen a lot of action for Bitcoin in the last 13 sessions, yesterday the cryptocurrency had its biggest gain since then, it was up 2.46%, it seemed like the price could break the resistance at 11,076 but instead it is down 0.5% in the current session, the Relative Strength Index reached a high of 56% in more than 18 session which made us think that the price could actually go higher, is still can go higher but it might take a while since the bollinger bands are very narrow and this means that volatility could be low, the price is getting closer to that upper band, and trades inside the Ichimoku cloud indicating a downtrend, but there is not enough evidence to support a trend at this point, we have not been able to identify a trend for cryptocurrencies in a while, but the market conditions are not good enough for traders to go in right now, Square bought 50 million worth of Bitcoin so that could be a reason for the recent gain it had, although 50 million is not much for a market as big as Bitcoin, traders speculated that the price could go higher with this purchase, we have to wait and see how it reacts to the recent events.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.