October 29, 2020

Bitcoin Price Analysis: BTC grinds sideways for a second day

1 min read

Flash Alert: Thursday 12th September

Bitcoin has been moving sideways for a second day, with the price action over the last 48 hours range bound between its 7-day and 90-day exponential moving averages.

The price of BTCUSDT rose to a high of $10,205 during the Asian trading session before settling back towards the $10,000 level at the time of writing.

Bitcoin is likely to continue trading sideways within the similar range although the bias continues to be skewed more towards the downside. Short-term pullbacks could continue to lure buyers back in, unless of course we break down below the significant support barriers.

A close below the 90-day exponential moving average would only confirm that momentum is continuing to slow whilst further pullbacks to the $9,320-$9,400 regions may lure enough buyers back into the market to help Bitcoin resume its bullish proclivity.

Meanwhile, previous Flash Alerts continue to remain valid and may be viewed here.

A follow up post to this Flash Alert may be found here.

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