BTC/USD Technical Analysis: Bulls cant seem to add to the momentum in Asia

BTC/USD moved from 10,182 to 10,680 in ten minutes In the Asian session overnight (UK time)
While European and US traders fail to add any more momentum
The BTC/USD price is now stuck in a USD 200 range.

Rajan Dhall, MSTA FX Daily

Since the rally overnight (UK BST) BTC/USD traders in the EU and US have not managed to gather any more momentum to the upside. It has been a bank holiday in the UK but in the EU and US there are enough traders to push the price when needed but it seems recently most of the action happens late US or early Asian time.

Now the BTC/USD price is stuck within a technical range between around 10,200 - 400 as traders await the next opportunity for a breakout. On the 4-hour timeframe, it does seem like Bitcoin is in a consolidation phase and needs a shakeout in either direction but the pattern of higher lows and higher highs still exists after the previous wave high of 10,480 was taken out by the spike higher. On the downside, 9,899 has to hold to keep the trend going.

On the 4-hour chart below you can see the indicators are both in a positive zone and the triangle formation has broken out to the upside. What often tends to happen after a break higher is a retest so let's give this pattern some time to mature. The Stochastic can easily turn lower from this point as the K & D lines are converging once more but we need to wait for some more confirmation.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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