Bitcoin continues to range today as neither the bulls nor the bears are able to take hold of the market.
During yesterday's BTC/USD technical analysis, I posted the following hourly chart:
When I mentioned, "We can see how price retraced up to the 38.2% Fibonacci level at 434, testing it on a number of occasions, marked in red. With the resistance at 38.2% holding up for now, it’s virtually inevitable price is going to fall back down to the 23.6% Fib level, and I’d expect some ranging to occur between these two levels for the next few hours." Price did fall down to 23.6% at 431, testing it, before bouncing back up, but this time to the 50% mark at 436, and it's been doing this yoyo ever since, as can be seen by way of the current BTC/USD hourly chart below (click to expand):
I’ve performed the Fibonacci study from the high of yesterday to the low of yesterday, i.e. from 445 to 426. I've highlighted the two key Fibonacci levels here which are containing price in a consistent manner. But take a look at the Stochastic Oscillator and see how many times the %K period and %D periods have crossed over each other, back and forth in just a matter of a few hours; all in all pretty unsmooth and messy, a clear indication of ranging.
I've drawn the latest bearish red arrow to show that price shall continue to obey these lines in the immediate future, expect price to test 23.6% at 431 very soon, before another bounce up.
Bitcoin continues to range today as neither the bulls nor the bears are able to take hold of the market.
During yesterday's BTC/USD technical analysis, I posted the following hourly chart:
When I mentioned, "We can see how price retraced up to the 38.2% Fibonacci level at 434, testing it on a number of occasions, marked in red. With the resistance at 38.2% holding up for now, it’s virtually inevitable price is going to fall back down to the 23.6% Fib level, and I’d expect some ranging to occur between these two levels for the next few hours." Price did fall down to 23.6% at 431, testing it, before bouncing back up, but this time to the 50% mark at 436, and it's been doing this yoyo ever since, as can be seen by way of the current BTC/USD hourly chart below (click to expand):
I’ve performed the Fibonacci study from the high of yesterday to the low of yesterday, i.e. from 445 to 426. I've highlighted the two key Fibonacci levels here which are containing price in a consistent manner. But take a look at the Stochastic Oscillator and see how many times the %K period and %D periods have crossed over each other, back and forth in just a matter of a few hours; all in all pretty unsmooth and messy, a clear indication of ranging.
I've drawn the latest bearish red arrow to show that price shall continue to obey these lines in the immediate future, expect price to test 23.6% at 431 very soon, before another bounce up.
Thailand Restricts Introducing Brokers to Only Promote Digital Token Services, Not Cryptos
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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