Bitcoin Price Watch: Can The Cryptocurrency Bounce Back?

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Bitcoin’s price remains inside the symmetrical triangle formation currently testing support. Should the digital currency bounce, it could return to the 9,000 USD resistance level. A break lower than this resistance could result in a test of the 6,500 USD support which is next support level. Technical indicators have shown mixed signals. Hence the move could depend on market catalysts. Bitcoin’s price has shifted to the bottom of the symmetrical triangle formation pending a break or bounce.

Technical Indicators

The 100 hourly SMA is less than the long-term 200 SMA hence the pathway of the least resistance is to the downside. This scenario suggests that a break below is more likely than a bounce. Apart from that, the distance between the moving averages is widening to indicate accelerating bearish momentum. Prices are below the 100 SMA inflexion point to show continued selling pressure. The RSI is heading south showing that sellers are at an advantage, but the oscillator is dipping into oversold territory which signals exhaustion. Turning higher, on the other hand, could make buyers return and result in a bounce to the resistance. In a similar manner, stochastic is showing oversold conditions however it is yet to turn higher in signalling a return of bullish pressure.

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Market Catalysts

Regulatory fears have been blamed for the decline in Bitcoin’s price, although the initiative could prove decisive in the long run for the digital currency industry. The United States Department of Justice has initiated a criminal probe into cryptocurrency price manipulation practices in a bid to regulate the industry. It is worthy to note that the USD has been on the back foot following the recent announcements related to North Korea and FOMC minutes release. Trump’s decision to cancel his meeting for next month with NK’s Kim Jong-Un, has revived geopolitical tensions weighing on the USD. However, Bitcoin’s price hasn’t been able to take full advantage of the situation as it seems to have dragged lower due to risk sentiment.

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