BTC/USD Trading Large Intra-day Ranges as Bears Defend $10,000 Once Again
As social unrest escalates across the USA, Bitcoin continues its assault of $10,000 with successively higher lows and a bullish RSI.
Bulls are likely buyers on pullbacks to the 50 day EMA and the top of the blue support zone, with stop-loss congestion to be expected below the 200 day EMA and the bottom of the blue support zone.
Momentum traders might be bullishly skewed with the 14 day RSI having recently bounced off key bull market RSI support at ~50. Sustained weakness below the 45-50 level might signal a bearish trend reversal and a commensurate shift in momentum trader sentiment.
Bears are likely to be shorting breaks above $10,000 in anticipation of a continued pattern of false-breakouts of this key psychological level. As the 4th failed attempt in as many months, a significant degree of stop-loss congestion is to be expected above $10,500.
As important support and resistance levels continue to converge, the convictions of both bulls and bears are likely to be at their respective highs. Traders should expect volatile sentiment swings and higher than average volatility as the BTC/USD price resolves in one direction over the coming weeks.
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