RATE Group | Bitcoin price prediction: Bogged down in a range before another death spiral
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Bitcoin price prediction: Bogged down in a range before another death spiral

13 Dec Bitcoin price prediction: Bogged down in a range before another death spiral

Posted at 10:50h in Bitcoin News by

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  • BTC/USD continues consolidating with a bearish bias.
  • The critical resistance $4,000 is out of reach as of yet.

Bitcoin has been rangebound since the beginning of the week. Recovery attempts haven’t yielded in a sustainable rally, and the prices returned to the range limited by $3,600 on the upside and $3,300 on the downside. Lack of fundamental news and a sense of indecision on the cryptocurrency market lead to technical trading, which means that a decisive breakthrough in either direction will lead to a strong directional movement.

BTC/USD the daily confluence detector

BTCUSD is changing hands at $3,363, off the Asian high reached at $63.428; an unsuccessful attempt to settle above psychological $3,400 pushed the price towards the lower border of the above-mentioned range, though the downside movement lacks momentum so far. Daily RSI stays flat, close to the oversold territory, signaling that more consolidation is in store at this stage.

There is not much in terms of support levels…

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