Edge of Glory: Key Bitcoin Indicator Just Approached a Critical Level

Monday 5 April 2020, 5:45 AM AEST - 1 month ago

Bitcoins sideways trading that was first sparked by its rejection at $7,300 has extended through today, with the cryptocurrency firmly caught within the upper-$6,000 region as its bulls and bears both reach a firm impasse.

In the near-term, analysts are noting that the cryptocurrency could be on the edge of glory if it is able to surmount one key technical level, but firm resistance may make bulls attempt to boost it futile.

Sellers may also be bolstered by a recent EMA bear cross on the cryptocurrencys weekly chart, a formation that could force the crypto significantly lower and stifle any bullish undercurrents that have been established.

Bitcoin Caught Within Firm Bout of Consolidation as it Pushes Against Key Technical Level

At the time of writing, Bitcoin is trading down just under 1% at its current price of $6,730, which is around the price at which it has been trading at for the past several days.

The tight trading range it is currently caught within appears to exist between $6,700 and $6,900, with BTC finding some support at the lower boundary and heavy resistance at the upper boundary.

If bulls continue struggling to surmount the resistance around $7,000, another rejection here could do some significant technical damage to its short and mid-term market structure, as this would mark the third time being rejected here over the past seven days.

One popular analyst, however, is noting that Bitcoin could be on the edge of glory as the cryptos daily RSI attempts to flip into a bullish range, something that could occur at any moment.

BTC – Daily RSI really wants to flip to a bullish range above (50) …right on the edge of glory or not, he noted.

BitcoinImage Courtesy of Big ChonisThis Recently Formed EMA Bear Cross Could Thwart Bullish RSI Crossover

The main bearish factor currently counting agains ...

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