Floor at $16,298. Ceiling at $17,578.
The price of bitcoin is waffling back and forth as the consolidation at record high levels continues.
Looking at the 5 minute chart above, there is a high ceiling at $17,578 (see red numbered circles), and a lower floor at the $16.296 level (see green numbered circles).
In between those guardrails are the 100 and 200 bar MAs at $16,948 and $16,973. Those moving averages define the consolidation bias. Trade above and the bulls are more in control. Move below and the bears/sellers are more in control.
Currently the digital currency has moved back above those moving averages, giving the bias and more bullish look. The ceiling at $17,578 is the next key target to get to and through.
Should the price fall back below the intraday moving averages, look for the buyers to give up and sell. The floor level would with him then become the key target at $16,296.
So overall, the volatility is down judging from the consolidation range. Buyers and sellers are battling on what will be the next big step. The good news for traders, is the technicals are showing the levels of importance to follow. This lessens the risk as risk (and bias) can be defined and limited.
Good fortune with your bitcoin trading and remember to be aware of your risk.
