Since dropping below the ascending channel trendline to $8,815 on May 21, Bitcoin price has recovered 4.78%. BTC/USD continues to meet resistance at the 20-day moving average, obstructing traders' desire to push the price above $9,300.
Typically trading volume thins on weekends so investors who find time to step away from the family BBQ will be watching to see whether or not larger players exploit the market to push the price of the top-ranked asset on CoinMarketCap in a new direction.
In the 4-hour chart, we can see Bitcoin's price marching along the gradient of the ascending channel trendline by painting higher lows.
The price continues to meet resistance at the 20-MA of the Bollinger Band indicator but traders will also notice that there is a bull cross on the MACD and the indicator's histogram has printed a green bar above 0.
Volume typically precedes price so keeping a close eye on increases in buy or sell volume on the shorter timeframes will be the tell.
The neutral Doji candle also shows buyers and sellers in equal contention on the direction of the price and based on the current setup, Bitcoin could either drop to the lower Bollinger Band arm at $8,865 where there are likely to be buyers.
A surge above the 20-MA would allow the price to run to $9,600 by exploiting the VPVR volume gap created by the swift fall from $9,634 to $8,820 on May 21.BTC USD 1-month chart.
On May 22, Cointelegraph contributor filbfilb warned that Bitcoin price only has one week to make a decisive move that will define whether Bitcoin makes a decisive move that favors bulls or bears.
The monthly chart of Bitcoin clearly demonstrates that Bitcoin has a long-term challenge to overcome, which is reclaiming the $10K handle.
It must record a $9,300 monthly close that has eluded Bitcoin for the last 10 months, which sets the tone for the current price action.
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