Bitcoin has been holding steady in a narrow range between $29,000 and $30,000 for several weeks, with experts calling for regulatory clarity in the United States to catalyze a move above $30,000. The low volatility is hindering a breakout, but a falling wedge pattern on the daily chart suggests a potential reversal or continuation of the trend.
Traders can identify entry and exit points using the falling wedge pattern, and investors looking for buy signals may want to pay attention to the Moving Average Convergence Divergence (MACD) indicator. The Money Flow Index (MFI) shows that buyers have the upper hand, but retracements cannot be ruled out and support at $29,345 may come in handy to arrest the bearish situation.
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