Bitcoin Range-Bound as Analyst Favors Long Positions near Support
Zhou Yanling, an analyst at Bitget, provided her market analysis for Bitcoin (BTC) and Ethereum (ETH) on August 10. According to her, the daily chart of Bitcoin shows a range-bound oscillation after rebounding. The Bollinger Bands are narrowing, indicating compressed volatility.
The price is steady above short-term moving averages, with support at 63,500 provided by mid-term averages. A breakthrough of the strong resistance at 65,800 would open up upward space. RSI is around 54, neutral but slightly bullish, and MACD is above the zero line with mild red-bar momentum.
On the 4-hour chart, there's back-and-forth movement in the 64,000-65,500 range box; SMA20 acts as mid-point support. RSI is around 52, neutral, and MACD's fast and slow lines are converging, with upward momentum waning.
Zhou Yanling recommends focusing on the 64,000 support below on Monday's market, which typically tends to be strong. If it holds, look for long positions, expecting a rebound at the beginning of the week and a pullback towards the end.