Bitcoin (BTC) Stuck in Waiting Game: How Long Before Breakout?

The Bitcoin (BTC) price appears to be fairly oblivious to the potential impending reopening of the U.S. government, and a stock market that is once more on fire. Ploughing its usual sideways furrow, how much longer can the Bitcoin price stay depressed in the low $100,000s?

Bitcoin sideways chop continues

Source: TradingView

The $BTC price is now in a corrective impulse. That said, the price is generally going sideways. If the bulls can keep this up, when the next upward impulse begins, there will be a greater chance of forming a higher high. 

As can be seen in the 4-hour chart above, the price has broken through the downtrend (faint dotted line) and is now heading sideways. If the small uptrend line is respected there could be some more upside, perhaps as far as the $107,500 horizontal resistance.

Is the bulls fightback now underway?

Source: TradingView

The daily chart view for $BTC illustrates that the price is still below the 200-day simple moving average (red line). Once holding strongly above this it can probably be said that the bulls are in charge again.

The Fibonacci levels (in blue) are taken from the all-time high down to the $99,000 local bottom. They show that the price has reached the first of these levels at $105,000. What the bulls really need to do is to battle through them one by one, aiming to set a higher high at just above the key 0.618 Fibonacci at $115,750.

High time frame indicators close to signalling next bullish wave

Source: TradingView

The weekly chart still looks clearly in favour of the bulls. It is expected that the $BTC price comes down to tag the major trendline once more, giving this line more validity, but actually falling through it is not a likely scenario.

The Stochastic RSI indicators are practically at the bottom now, and they could show a cross-up as early as the beginning of next week. The Relative Strength Index at the bottom of the chart is showing that the indicator line is just above the 44.00 line which has provided support and resistance throughout this and previous bull markets. Such a strong support line is very likely to continue to be so, until the time it confirms a bear market.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.