After several failed attempts of crossing the 20 days Moving Average and changing the trend from bearish to bullish, we all remember the big drop which happened in November when the total market capitalization has significantly decrease and Bitcoin lost almost 44% from it's value.
Since then, we could see a period in which the price has been moved sideways staying in between the Resistance Level of 4403$ and the Support level of 3238$.
As we have already been accustomed to the market's evolution in the last year, we could see that this periods in which the price is moving sideways are just temporary and are also separating the ones in which the price is moving aggressively in one direction or another so maybe we shouldn't be surprised if the price will accelerate it's movements anytime soon.
From the technical perspective, the indicators are almost showing the same direction as it follows :
* The Stochastic has an "oversold" position but it's "fast" line is still below the "slow" one, meaning that there is no sign for a change in the price direction yet;
* The RSI has the level of 34 but it has been constant for more than one month, meaning that the sideways movements of the price may continue, at least for the short term;
* The MACD is still below the Signal, meaning that the price has big chances to continue it's slight decrease, despite some positive isolated evolution;
* The trading volumes are also decreasing, suggesting that the price has big chances to continue it's drop.
If we consider only the technical analysis, we can say that a reasonable target price for the short term is 3238$, or 2646$ in extension.
Since then, we could see a period in which the price has been moved sideways staying in between the Resistance Level of 4403$ and the Support level of 3238$.
As we have already been accustomed to the market's evolution in the last year, we could see that this periods in which the price is moving sideways are just temporary and are also separating the ones in which the price is moving aggressively in one direction or another so maybe we shouldn't be surprised if the price will accelerate it's movements anytime soon.
From the technical perspective, the indicators are almost showing the same direction as it follows :
* The Stochastic has an "oversold" position but it's "fast" line is still below the "slow" one, meaning that there is no sign for a change in the price direction yet;
* The RSI has the level of 34 but it has been constant for more than one month, meaning that the sideways movements of the price may continue, at least for the short term;
* The MACD is still below the Signal, meaning that the price has big chances to continue it's slight decrease, despite some positive isolated evolution;
* The trading volumes are also decreasing, suggesting that the price has big chances to continue it's drop.
If we consider only the technical analysis, we can say that a reasonable target price for the short term is 3238$, or 2646$ in extension.
