Bitcoin price prediction – Weekend sparks bullish impulse as price holds $18,600
4 min readTable of Contents
- Bitcoin price prediction can get confusing on the weekend due to thin liquidity
- During the recent bull run, the weekends served as accumulation phases
- BTC/USD trades near $18,650 and approaches the upper Bollinger Band
Bitcoin price prediction – Weekend liquidity can spark bullish uptrend
BTC has been slowly moving upwards since the past 24 hours. As the weekend dawns, it is trading at $18,660 while challenging the upper Bollinger Band. The BTC/USD pair’s price channel is ascending, and about to touch the upper end of the expanding channel.
This past week, investors have been unable to grasp Bitcoin price prediction due to sharp zig-zag action. BTC is strictly moving within a range and hardly trades outside the tight Bollinger Bands. The sharp move lower a few days ago lowered the exaggerated technical indicator readings.
Traders are hoping that thin liquidity during weekend trading can allow Bitcoin price prediction to break higher. The bull run that began in October included sharp bursts on the weekend helping the pair break beyond successive resistances.
Bitcoin price movement in the last 24 hours – BTC/USD prints higher lows
The hourly movement can be best termed as rangebound. But Bitcoin price is posting higher lows means the price is slowly grinding higher. The 9-day exponential moving average stands at $18,580 and is now sloping upwards to follow the rising price channel. The volume data is relatively low meaning the weekend holds the key to Bitcoin price prediction.
Institutional investors are likely to remain in wait-and-watch mode even as the price struggles to achieve a breakout. The notable difference is that institutions are not selling during the current bearish phase. Another critical pivot point is the 20-day exponential moving average which is supporting the price at $18,270 level. Bears will have to push the price under $18,200 to sustain a bearish narrative.
Bulls are emerging as buyers on the hourly charts, but the volumes are still low to create a fierce bull wave. The bearish engulfing candlestick pattern is yet to materialize, meaning there is still a chance for the bulls. The RSI is gradually sloping upwards reflecting the strength of the bulls in the present consolidation.
BTC/USD 4-hour chart – Descending price action is slowly eroding
Bollinger Bands help gauge Bitcoin price prediction. The volatility is somewhat muted, but the bands have started to open up on the hourly charts after contracting a fair bit. The upper resistance is now within reach at $18,740. The daily charts show the emergence of a top pattern.
If the bands begin to slope downward as the weekend ends, the price will undoubtedly move down as well. Currently, BTC/USD pair moves back towards the upper side after touching the lower band at $18,580. Bitcoin price is unable to fulfil Ichimoku indicator requirements for a breakout. If the price falls below the Kijun-Sen line, another short bearish wave will begin on the hourly charts.
Bitcoin price has been able to sustain above $16,000 for the past three months. The bull run has helped bring support levels higher. Heavy buy walls are now seen at $16,000, where large institutional investors are waiting for further accumulation. A retest of the cloud support underneath $16,000 will result in massive accumulation resulting in the continuation of the weekly uptrend.
Bitcoin price prediction conclusion – Next bull run needs strong momentum
As BTC/USD price again approaches $19,000, bulls need to be careful. There will be heavy selling at higher levels, as noted in the recent past. The bull run will materialize only if the volumes are high enough to close above $19,700 for multiple days. In that case, the sharp correction in price will appear as a pause.
The next prominent peak is definitely above $20,000. Crypto analysts expect the price to close near record highs as the year-end approaches. The ‘Relative Strength Index’, MACD and Stochastic show that bull run can happen on the daily charts. Even if the consolidation lasts another week, the price must remain above $18,000 so that lower supports can move to higher levels.
The ascending trendline on the hourly charts remains a sliver of hope during the weekend. The momentum, if it begins, must be strong enough to last at least two days and build a bullish Bitcoin price prediction narrative.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
