Bitcoin price analysis: BTC/USD mundane trading could pave the way for gains towards $11,000
|- Bitcoin narrows down towards $11,000 following the failures to stay above $10,400 resistance level.
- Immediately limiting movements is the 100 SMA and the resistance at $10,250.
Bitcoin has not been able to make headway since it tested the resistance at $10,400 and failed to sustain gains towards $11,000 last week. The price has been inclined to the downside with $10,000 being the biggest support contender.
While the altcoins seem to have slowed down their bullish frenzy, Bitcoin price action continues with a relatively sideways trend. Its ability to hold above $10,000 at the time Bitcoin exchange-traded fund (ETF) was dealt a blow by the withdrawal of the Van Eck/SolidX proposal means the market is becoming more stable.
At the moment, bears are slightly in control as Bitcoin presses down against the immediate support at $10,100. Valued at $10,127 BTC/USD upside is capped by the 50 simple moving average (SMA) on the four-hour chart. The hurdle that must be broken in the near-term to pave way for more gains is $10,250. However, other hurdles towards $11,000 will be encountered at the 100 SMA, $10,500, $10,600 and $10,800.
The moving average convergence divergence (MACD) is holding ground slightly in the negative region. It has a minor bearish divergence that signals the current grip by the bears. Therefore, the most likely path of movement for Bitcoin is sideways between $10,250 and $10,000 (key support).
BTC/USD 4-hour chart
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