Bitcoin: Rangebound with an Upward Bias?
Bitcoin could be rangebound until a catalyst emerges.
The first pattern on today’s chart is the price level around $28,122. It was an intraday peak in late August and the daily close on October 1. The cryptocurrency began this week near that level but sellers quickly drove it down its range.
Prices have next tried to hold a support line around $26,500. If they remain at this level below $26,741, BTCUSD could move toward $25,622 or lower.
While the crypto has had an upward bias this year, it’s likely to remain rangebound until a catalyst pushes it one way or another.
Traders may also be on guard because some potentially bearish signals could be emerging. First is the failed breakout above $28,000 on October 2. That was followed by MACD turning lower on Wednesday.
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The first pattern on today’s chart is the price level around $28,122. It was an intraday peak in late August and the daily close on October 1. The cryptocurrency began this week near that level but sellers quickly drove it down its range.
Prices have next tried to hold a support line around $26,500. If they remain at this level below $26,741, BTCUSD could move toward $25,622 or lower.
While the crypto has had an upward bias this year, it’s likely to remain rangebound until a catalyst pushes it one way or another.
Traders may also be on guard because some potentially bearish signals could be emerging. First is the failed breakout above $28,000 on October 2. That was followed by MACD turning lower on Wednesday.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing in cryptocurrencies involves significant risks. Please click here for TradeStation Crypto’s risk disclosures on investing and trading in cryptocurrencies.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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