• @Savdoescrypto

BTC/USD Keeps Tight Range as Bears Defend $10k.



BTC/USD has been well bid this week after rumours that Paypal and Venmo may make crypto trading available to their $300m+ users.


Despite the bullish news, bears might be confident in light of the consistent lack of price momentum beyond $10,000 resistance. With the 14-day RSI failing to break its divergent downtrend, momentum traders may be eager shorters if it continues its weakness below key bull market RSI support at ~50 (indicated by the blue arrows).


Bulls will be closely watching the 50-day exponential moving average (EMA), in particular, whether it can continue to support price in light of the falling momentum. The 200-day EMA and the blue support zone are the next support levels from which bulls may be eager dip buyers if we get a break below the 50-day EMA.


In terms of stop-loss distribution, $8,000 remains a key support level for the bulls and $10,500 representing key resistance for the bears. Any significant price moves beyond these two levels may result in a cascade of stop-loss triggering.


Traders should be vigilant as we approach the end of this tight consolidation and the beginning of a sustained move in either direction. Such times require disciplined money management and an equanimous approach to news flow.


Until next time, all the best and take care.


Sav


Find me on twitter: @savdoescrypto

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