Bitcoin in Range: Waiting Moment for Bulls

Oct 8

BTCUSD continues to move laterally on the daily chart, suggesting a phase of consolidation, while in shorter time frames (4h), subtle signs of weakness emerge. The market remains in a sideways phase, and Bitcoin is currently trading around the middle of this established range.

In the 4-hour chart, most indicators are neutral, reflecting the ongoing indecision in the market. However, there are a few points to note:

Momentum and Williams Percent Range signal a potential buying opportunity, suggesting that we could see a bounce in the short term.
The MACD and various short-term moving averages (EMA and SMA) are mostly bearish, indicating the absence of strong upward momentum.
The Relative Strength Index (RSI) at 48.15 is close to neutral, showing neither overbought nor oversold conditions.

Overall, Bitcoin's price action remains range-bound, and while there are hints of short-term weakness, the lack of a definitive trend suggests a cautious approach for traders. The preferred move here is to wait for a potential price drop and look for a buying opportunity as close to 59,500 as possible. This approach aims for a rebound, with a tight stop to control risk, making it a high risk-reward trade given the absence of a reliable trend to guide the path.

Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Trading involves risk, and you should consult with a professional before making any financial decisions.

Oct 9

Note

Bitcoin has dropped 1.98% to $60,893.44, confirming short-term weakness. While daily oscillators remain mostly neutral, Momentum (10) is signaling a sell, and moving averages are firmly in sell mode. This confirms it's not a good moment for bulls to be aggressive. It's better to continue waiting for more favorable levels to enter, as discussed yesterday.