Bitcoin continues its path on the neutral side as Bulls and Bears reach an impasse


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Bitcoin continues its path on the neutral side as Bulls and Bears reach an impasse.PNG
Bitcoin’s price was under significant volatility at the moment. At press time, Bitcoin was priced at $10,704.01 and the largest virtual asset indicated a growth of 5.24 percent over the last 24-hours. The market cap volume remained under the $200 billion dollar mark in the charts, recording $191.44 billion at the time of writing.

The trade volume over the past 24 hours was about $15 billion and the coin was traded most on the BitForex exchange.

Source: Trading View

Resistance 1: $10899.54

Resistance 2: $10476.18

Support 1: $10068.66

Support 2: $9585.95

Bitcoin’s short term chart indicated a downtrend which stretched the valuation from $11195.55 to $10385.56, followed up by an uptrend recovery which saw the price move from $10285.65 to $10734.2.

Source: Trading View

Resistance 1: $12002.54

Support 1: $9343.97

Support 2: $7534.46

The long term chart suggested that Bitcoin was continuing its path through the bearish trend after picturing a downtrend which saw the valuation slump from $12572.54 to $10982.4.

The Parabolic SAR remained bearish as the dotted lines remained above the candlesticks.

The MACD indicator suggested similar bearish traits as the signal line hovered over the MACD line.

The Relative Strength Index or RSI remained neutral, indicating BTC was neither over-sold not over-bought at press time.

Bitcoin’s valuation remained at a state of confusion as the long term indicators and short term indicators suggested opposing trend runs.