Bitcoin is currently worth $68,402, has a market value of $1.34 trillion, and trades worth $23.93 billion every 24 hours. The price of Bitcoin has been staying in a tight triangle pattern for the past day.
Bitcoin: The daily chart for Bitcoin (BTC) shows that the market has moved from a big rise to a phase of consolidation. After a huge jump from $56,500 on May 1 to $71,958 on May 20, bitcoin’s price has been moving in a smaller range, which means the market is not sure what to do. The important level of resistance is now $71,958, and the level of support has moved from $56,500 to around $66,000. During this stabilization, the number of trades has gone down, which suggests that the market is not as busy.
Bitcoin technical analysis: BTC stays stable in a narrow triangle shape. The BTC/USD daily chart from May 31, 2024, on Bitstamp.
The 4-hour chart shows that BTC is in a short-term positive trend, with higher highs and higher lows. The price reached a high point of $70,601. After this, there is a correction phase with lower highs and lows, which shows that there is more pressure to sell. The main level of resistance is at $70,601, and the main level of support is at around $67,096. Big jumps in volume at these levels mean there is a lot of buying going on, which traders should keep a close eye on.
Bitcoin technical analysis: BTC stays stable in a narrow triangle shape
Bitstamp’s BTC/USD 4-hour chart on May 31, 2024.
Within the bigger daily and 4-hour trends, the hourly chart shows a more detailed picture. There was a recent drop to $67,105, a small rise to $69,524, and then a drop again, showing short-term changes. The point of resistance is at $69,524, and the point of support is at $67,105. There are signs of consolidation in the form of small bullish and bearish engulfing patterns that point to short-term moves.
The picture that oscillators paint is not clear. The RSI is at 55, which means it is not biased in any way. The Stochastic oscillator is at 42, the commodity channel index (CCI) is at 38, and the average directional index (ADX) is at 22. These readings also show that there is not a lot of movement going in either direction. The moving average convergence divergence (MACD) number at 1167 shows a bearish signal, while the awesome oscillator is at 3506 and the momentum is at -1830, both of which show a positive signal.
Moving averages (MAs) show that things are more likely to go up. For times of 10, 20, 30, 50, 100, and 200, the exponential moving averages (EMAs) all show that prices are going up. Simple moving averages (SMAs), on the other hand, show a mixed picture. The 10 SMA at $68,529 shows that prices are going down, while the 20 SMA at $67,226, the 30 SMA at $65,527, the 50 SMA at $64,872, the 100 SMA at $65,400, and the 200 SMA at $54,135 all show that prices are going up. This alignment usually supports the market’s positive outlook, though traders should be careful around the shorter-term SMAs.
