Feb 5, 2019
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Bitcoin Price Watch: BTC Consolidating Amid Low Volatility and Volume

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  • Bitcoin price trading in a tight range above the $3,375 support area against the US Dollar.
  • There is a key connecting bullish trend line formed with support at $3,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price might correct higher in the short term towards the $3,430 and $3,350 resistances.

Bitcoin price is struggling to gain bullish momentum above $3,450 against the US Dollar. BTC price might continue to trade in a range until trading volumes and volatility picks up.

Bitcoin Price Analysis

In the past three sessions, there were mostly range moves in bitcoin price above the $3,375 support against the US Dollar. The BTC/USD pair stayed above the $3,400 support level and trading in a $25 range. It moved above the 23.6% Fib retracement level of the last drop from the $3,494 swing high to $3,390 low. However, the price struggled to gain momentum above $3,430 and the 100 hourly simple moving average. The current price action is neutral-to-bearish, with resistances near $3,430 and $3,450.

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