Bitcoin has been ranging for 24 hours since reaching the $40k price level. The digital currency may be taking a breather before resuming bullish momentum.
It’s quite a mixed picture in the markets today, with digital assets gaining, and surrendering, value at a moment’s notice. The trend, according to technicals, is still bullish however. Current confused trading conditions are likely a result of fear of the seemingly imminent Bitcoin Death Cross.
Though still on an upward trajectory, Bitcoin has been trading timidly, moving upwards in increments. After the benchmark digital asset’s price rose to the $4100 price level – above the $40k resistance level – Bitcoin appears to be taking a bit of a breather at the price range before charging ahead.
Currently priced at $40,108 (at time of writing) after ranging the $39k – $40k price band for the past 24 hours, and has yet to make a decision. With the $42k price barrier at hand, $BTC looks set to make a strong bid for the $49k-$50k price levels.
The market’s stochastic (on 2hr timeframe) suggests that such a bullish move may kick off in the next few periods, as it is flashing heavily oversold. The Tenkan Line remains well beyond the Kijun, which has begun to point upwards, in support of a bullish probability.
A strong bullback may occur, if the market rallies to the $50,000 price level. Traders would do well to keep their eye on the market in the next few days, as trading is a game of probability, and nothing is quite guaranteed.