Bitcoin’s Bullish Efforts Seem Pegged Around $30K

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It is going to almost a month now as BTC/USD seems to be unable to break away from the $30,000 area. After the incident of BTC’s crash in May, the price action appears to be performing on a sideway pattern. The consolidation is around the $30,000 area. As at the time of writing this analysis, the price action is at $29,715.

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Looking at the daily chart, the 20-day moving average shows that the price action was at first below the curve. Then after this, it was joined with the candles. Also, the 9-day moving average has the price action performing across it. This is an indication of the consolidation of the price of BTC. The initial fall of Bitcoin in May is supposed to be allurement for prospective buyers to come into the market, but the fear of a further fall in price may discourage them from the investment. At this time the buyers and sellers are undecided as to the position to take, long or short.  A favourable news release can encourage investors not to withdraw from the market.

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The Relative Price Index indicates a downtrend that is not too strong. The percentage of the RSI is 44.58%. The information from the Relative Price Index and that of the 20-day moving average points to a short-term downtrend. It is a tug-of-war between the bulls and the bears.

BTC’s Price Expectation

So far, Bitcoin has not been able to pass beyond $32,000. If more buyers do not join the market, the trend continue a little longer.

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