Bitcoin price prediction: BTC/USD chooses the bullish side with an unconvincing move

BTC/USD has decided to go with the bulls, but the movement doesn't look convincing
Next few trading sessions are key for Bitcoin price, will define BTC price action for the upcoming weeks

Tomas Salles FXStreet

Yesterday, we presented two possible scenarios for Bitcoin and the main cryptocurrency has decided to go for the bullish one, returning to the $15000 area. BTC has found in this area a meaningful resistance that extends up to $16000.

Once BTC price action has been defined on the upwards side, let's get back to analyzing the current technical outlook to grasp what's next for Bitcoin. MACD and Directional Movement Index are the key indicators to check the current strength of the technical movement and how it might impact trading in the upcoming sessions.

BTC/USD Daily

MACD is relaxing its bearish trend as it nears neutral levels. It is highly likely that this indicator will rest around 0, as making contact with the neutral level is the one supporting the current bullish swing and other rises that might be coming up. That doesn't mean that the current lateral bearish channel is ending here, but time for a pause is sure.

Directional Movement Index corroborates this current non-defined outlook, with buyers and sellers at the point of equilibrium and trend strength going down. Both buyers and sellers are moving at significant levels, making sure that whoever comes as the winner of this bull-bear battle will do it with force.

Key price levels for Bitcoin

On the bullish side, first key resistance for the BTC/USD is located at $15800. If this one is broken, expect the next meaningful barrier at $16500.

On the bearish side, the first support is at $13800 and next level in the sand would be $12500.

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland. He expanded his technical training following the guidance of great experts on the financial markets.

USD/JPY extends sell-off below 157.00 on hawkish BoJ repricing

USD/JPY extends sell-off below 157.00 in European trading on Thursday. Traders react negatively to the weak US ADP report, smashing the US Dollar across the board and exerting renewed selling pressure on the pair. Meanwhile, hawkish BoJ expectations and intervention risks continue to lend support to the Japanese Yen, rendering it negative for the major.

AUD/USD ranges above 0.7150 despite upbeat Chinese PMI

AUD/USD struggles to capitalize on the previous day's bounce from a nearly two-week low and ranges above 0.7150 in Asia on Thursday, as dismal Australian trade data counter upbeat China's RatingDog Services PMI. However, the pair's upside remains in check as the US Dollar stalls the weak ADP report-led slide amid escalating US-Iran tensions and firming September Fed rate-hike bets.

Gold sticks to gains below $4,450 amid weaker USD

Gold maintains its bid tone heading into the European session, though it remains below $4,450 amid mixed fundamental cues. Sliding US bond yields and Wednesday's soft US ADP report weigh on the US Dollar, assisting the commodity build on the previous day's goodish recovery from a nearly four-week low. That said, firming US Federal Reserve rate-hike expectations and inflation risks stemming from higher energy prices could act as a tailwind for US bond yields.

XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple (XRP) and Stellar (XLM) show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages (EMAs).

Ripple defends key support; Stellar awaits breakout as derivatives strengthen

Ripple and Stellar show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.