With Bitcoin [BTC] near its range lows again, here’s what’s next

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Bitcoin was perched precariously atop the $19k support zone, at press time. Beneath it lay the lower extremes of a four-month range. It seemed likely that a visit to this area would see a bounce. […]

atop the $19k support zone, at press time. Beneath it lay the lower extremes of a four-month range. It seemed likely that a visit to this area would see a bounce. And yet, such a drop would also show sellers had the upper hand.If Bitcoin can defend the $19k-level and manage to climb past the $20.4k short-term resistance, a rally to $21.5k would appear feasible.

The indicators revealed a bearish bias as well. The RSI managed to break past neutral 50 but was unable to hold on to it as support. At press time, it pointed to neutral or slightly bearish momentum on the daily timeframe. The OBV lacked a strong trend as well over the past month. The OBV’s downtrend was arrested in August, so the balance between buying and selling volume could be suggestion of an accumulation phase.

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