FX.co ★ Bitcoin extends its sideways trading

The price of Bitcoin continues to move sideways in the short term. The price action signaled exhausted sellers but an upside movement is far from being confirmed. It was traded at 19,159 at the time of writing.

BTC/USD is up by 1.09% in the last 24 hours and by 1.08% in the last 7 days. Technically, it has changed little in the short term, that's why we have to wait for a fresh trading opportunity.

BTC/USD Upside Momentum!

It is trapped between 18,271 and 19,541 levels. So, from the technical point of view, it's located within a range pattern and it has developed a triangle as well. Its failure to stabilize under 18,540 or below 18,271 signaled that the bulls could take the lead.

Still, as long as it stays under 19,541 and under the downtrend line, it's premature to talk about a new leg higher.

BTC/USD Outlook!

Jumping, closing, and stabilizing above 19,541 could activate further growth and could bring long opportunities.

New selling opportunities could appear if the price makes a new lower low. A valid breakdown below 18,271 activates more declines.