Bitcoin market update: BTC/USD slow weekend trading stuck in a narrow range
|- Bitcoin volatility levels become extremely erratic coupled with unstable trading volumes.
- The weekend session will see Bitcoin dance within a range ($10,400 - $10,200) as long as the technical levels remain the same.
Bitcoin price appears to be sliding into a narrow range between $10,400 (immediate resistance) and $10,200 (buyer congestion zone). Since the drop from September highs at $10,949, BTC has not been able to gain considerable ground. However, the slide to $9,800 support earlier this week, was met by an immediate reversal which tested the resistance at $10,600.
Meanwhile, Bitcoin exchange trading volume has been erratic in the last seven days. The data by CoinMarketCap Shows the trading volume on September 7 at $15 billion. There was an upward correction to $17 billion on September 9 followed by a slump to $14 billion on September 13. At the time of press, Bitcoin volume in the last 24-hours stands at $13 billion. In the same period, the market capitalization dropped from $188 billion to $185 billion.
The unstable trading volume shows the rising volatility levels in the past week. At the time of press, Bitcoin is holding ground just below the 50 Simple Moving Average (SMA) in the four-hour timeframe. Providing immediate support is the Bollinger Band four-hour middle curve. In the event of a drop below $10,200, the 100 SMA is in line to offer support.
In the near-term Bitcoin is expected to trade sideways between the above-mentioned range. The Moving Average Divergence Convergence (MACD) shows a higher affinity to sideways trading as it holds tightly onto the mean line (0.000).
BTC/USD 4-hour chart
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