The cryptocurrency has broken out of the down trendline one, which shows that the momentum on the downside has decreased. We can expect a few more days of range bound action between $10,000 and $12,000.
It is difficult to predict whether the upside or the downside move comes next.
If the bulls succeed in breaking out of the 20-day EMA, which is currently at $12,218, the BTC/USD pair should rally to the down trendline two. The traders can wait for the breakout above $12,200 to sustain for about 4-hours and then buy with a stop-loss at $9,900. The target objective is a move to $14,500.
On the downside, if the bears break below $9,900, the selling is likely to intensify. The next stop on the downside is $8,000.
As we are uncertain about the next move, we have elucidated both possibilities. We don’t find any setups as long as the price remains within the range.
