There is no argument over the fact that online trading has been gaining more and more recognition in the previous few years. Numberless people have started to prefer online trading with a lot of them taking it up as a full-time career. The popularity gave rise to the invention of a digital currency system by the name of bitcoin (BTC). With the utilization of the peer to peer technology, bitcoins does not make use of any central authority or bank. The issuing of bitcoins along with the management of transactions is governed by the network itself. Being open source system of payment, it is available for everyone. Owing to the popularity, bitcoins are now accepted as a legit mode of payment by a huge range of companies including WordPress, Subway, Amazon etc. BTC/USD is the most popular pair of bitcoin in the whole wide world.
BTC/USD opened at a price of $664.84 today. So far, the movement on the chart has rather been slow today. While the price rallied above $665 to around $668, a fallback to slightly below $660 was also observed. The 664 level previously acting as a support for BTC/USD has been breached a little that points towards a possibility of the price looking for its next clear destination. The halving event has certainly hinted towards optimism that the price is about to rally forming a new wave of previous high. However, the incapacity to topple the 668 level and a fall back to slightly below 660 level does also hint towards a possibility of the fake out.
Although the technical analysis of Bitcoins to United States dollars has lost the strength, it still remains to be a slightly in the favor of bulls. However, considering the fact that RSI had gone above the previous high while the price only managed to make a lower high, and that MACD has failed to stay at its upper Bollinger band, it is unlikely to witness an additional upside, at least not until the price is being corrected in the downward direction.
As per the latest news in the world of bitcoins, nothing can be stated with surety unless a major resistance at $680 is not breached and established. On the lower end, however, the level of 640 to 650 is acting as a major consolidation pivot and is being considered as the target of the today’s decline. Unless either of the major resistance or support is breached and established, the bullish or bearish trend can’t be stated with certainty.
In the light of the information mentioned above, it is only fair to conclude that unless the support or resistance is challenged, the movement in the BTC/USD charts is going to stay minimal. As of now, there is no strong technical bias in the market. A large price movement or perhaps a clarity with respect to the bullish or bearish trend in the market may be defined by the end of the week. Until then, traders need to walk with caution. Waiting on the support or resistance breach is highly recommended for traders who prefer to stay out during the periods of uncertainty.