Tanya Abrosimova
Independent Analyst
- BTC/USD blocked by short-term technical indicators, $6.360 is the key.
- Bitcoin market is now less volatile than shares of some large corporations.
BTC/USD is trading at $6,395, practically unmovable since this time on Thursday. The intraday technical picture implies that more rangebound trading is in store as both Relative Strength Index (RSI) and Momentum indicator are flat.
While the closest resistance is created by $6,400 handle, enhanced with SMA50 4-hour, SMA100 and SMA200, 1-hour, the bulls have to push the price above the upper border of the short-term channel $6,460 strengthened by DMA50 and SMA200, 4-hour.
On the downside, $6,370-$6,350 congestion zone may stop the decline. SMA100, 4-hour and the lower border of the channel are located within the area mentioned above.
Cryptocurrency market stability is turning into a permanent state, as the trading has become less emotional and more professional.
“The current Bitcoin market is relatively stable. The cost of the emotional traders has been washed away by the recent crash, and with it a lot of the volatility," says Danial Daychopan, a chief executive officer of Plutus.
Bitcoin was considered the most volatile asset a year ago. It is no more. Currently, Bitcoin is less volatile than Amazon.com, Netflix, and Nvidia Corp, according to the latest Cboe Global Markets data on the 20-day historical volatility.
BTC/USD, 4-hour chart
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