Published on May 15th, 2018 | by bitcoin0
Bitcoin Price Eyes Breakout As the Trading Range Begins to Tighten
Bitcoin (BTC) is stuck in a narrow $550 range between the key long-term moving averages today, but may be prepping for a breakout, the technical charts suggest.
The sell-off from the May 5 high of $9,990 came to halt around the 50-day MA on Saturday.
Meanwhile, on both occasions, the rebound from the 50-day MA ran out of steam around the 100-day MA hurdle.
A close today (as per UTC) above the 100-day MA of $8,837 would signal bullish doji reversal and upside break of the trading range.
Meanwhile, a close below the 50-day MA of $8,287 would confirm downside break of the trading range and bearish doji continuation pattern, i.e.