Bitcoin Price Prediction: A fog of volatility makes visibility difficult in the short term
|- BTC/USD go into hibernation mode waiting for an excuse.
A new week of analysis begins for the main actors of the Crypto board. The news continues to be the absence of news that could activate a market in the lowest volatility levels not seen since the first months of 2017.
In Ripple’s case, we have seen a little movement, with a drop in the price of more than 5%. This technical movement, as we will see in the price chart, fulfills technical needs to confirm trend lines.
The difficulty in this type of scenario is that the current low volatility narrows the price range at each passing period and flattens both the chart and indicators making it impossible to detect movements ahead of time.
BTC/USD 240-Min
The BTC/USD is currently trading at the $6,550 price level. The weekend leaves the fast averages, EMA50 and SMA100, above the slower SMA200. The cross is structurally bullish but not in the way it has been given. The lack of volatility has flattened the curves so much that in reality, it has been the SMA200, which still maintains a considerable bearish slope, that has crossed down the fast averages.
The message has a bitter undercurrent with regard to possible increases in the short term, as it will be necessary to consume quite a few periods until the SMA200 turns upwards.
Above the current price, the first hurdle for the BTC/USD is slightly above the current price of $6,560.5, the confluence level of a level of price congestion and the SMA100. Above this resistance, a completely clear space opens up until the next resistance at $6.763. As a third bullish target, at $6.850 the BTC/USD would find a level of price congestion.
Below the current price, the first support is also very close to the spot price at $6.543 (EMA50). If the BTC/USD loses the exponential average support, it would set the SMA200 at the $6,500 price level as a second downward target. The SMA200 is usually a very reliable support level, but its bearish tilt could weaken it and open the door to the third level of support at $6.385 (support for price congestion).
The MACD at 240-Min is maintained with a very slight upward inclination, almost imperceptible. It moves a little above the zero line, which provides support. The lack of volatility weakens the information of this indicator.
The 240-Min DMI gives us more information. The bulls remain in command moving above level 25, while the bears increase their positions in recent hours. Both move above the ADX line thanks to the absence of a clear trend.
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