- Bitcoin price is stuck within the confines of a ranging channel, unable to break above $3,700.
- Bitcoin sideways is bound to continue amid widespread market declines.
The majority of the cryptocurrencies in the market are in the red starting with the market leader, Bitcoin. However, there are selected digital assets that are recording gains on Monday 21, 2019. For instance, Litecoin (LTC) which has corrected higher 0.53%, IOTA is up 2.53% on the day while Ethereum Classic is up 0.84%. Bitcoin price, on the other hand, is correcting lower a subtle 0.13% following the rejection at $3,700 during the weekend trading.
At the time of writing, Bitcoin is trading at $3,530 after the declines failed to find support at $3,600. Bitcoin showed high levels of stability last week where the upside was capped at $3,700 and support established at $3,500. The recent slide took a pit stop at $3,500 as buyers rushed to prevent further breakdown towards 2019 lows around $3,580.
Technically Bitcoin is on the verge of another drop before it can correct to the upside. For instance, the Moving Average Divergence Convergence (MACD) which had recovered from the levels around -89 has slipped back into the negative precisely at -27. In addition to that, the Relative Strength Index (RSI) is holding position slightly above the oversold levels to show that the buyers have the power to prevent further breakdown and probably sustain Bitcoin sideways trading.
Upside correction will find resistance at the broken support at $3,600 but key resistance is highlighted by the range resistance at $3,700. A correction past $3,800 could open the way for BTC/USD to recoil above $4,000 in the medium term.
Read more:
BTC/USD 4-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.