Bitcoin trades between $76,400 and $76,700 on Sunday morning after a wild Sept. 12 swing from $79,837 down to $76,040. Short-term oscillators and moving averages lean bearish, but bitcoin still trades above nearly every longer-term moving average, keeping the broader uptrend intact.
That swing of $3,797 from top to bottom happened on Sept. 12. Since then, the coin has settled into a narrower band, last trading around $76,817 to $76,819.
Hourly Chart Shows a Tight, Thin-Volume Range
On the 1-hour chart, bitcoin has been squeezed between roughly $76,600 and $77,300, with Sunday volume looking thin. Buyers have shown up between $76,500 and $76,600, while sellers keep leaning on the market around $77,300 to $77,500.
A break above $77,500 would put the $79,800 area back in view. However, a fall through $76,040 would open the door toward $75,000 to $74,000.
Longer-Term Charts Still Favor the Bulls
The 4-hour chart tells a bigger story. Bitcoin spent mid-August around $62,470 to $65,000 before rallying into the high $70,000s and tagging $82,281. Since Sept. 4, though, the market has posted lower highs and drifted back toward the mid-$76,000s.
On the daily chart, bitcoin remains far above July's $57,735 low, even after being rejected twice near $82,300 to $82,800. Buyers have continued to defend the $76,000 to $76,500 area, with another layer of support around $74,000 to $75,200.
Oscillators Lean Bearish While Moving Averages Split
The daily RSI sits at 53, a neutral reading, while Stochastic is the lone bullish oscillator at 17. Momentum and the MACD are the two bearish holdouts, leaving the oscillator tape at two bearish, eight neutral, and one bullish signal.
Further out, the moving average picture flips. Bitcoin sits below its 10- and 20-period EMAs and SMAs, roughly $77,000 to $78,550, but remains above every 30-, 50-, 100- and 200-period EMA and SMA, leaving nine moving averages bullish against five bearish and one neutral.
Holding the $76,000 area keeps bulls in the fight, and reclaiming $78,500 would make the bearish momentum look more like a pullback than a breakdown. Losing that level, though, leaves the $74,000 to $75,200 zone as the next line of defense.
Source: Bitcoin News
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