Bitcoin currently trades below its hourly MA-20 at USD 76,204 and MA-50 at USD 77,307. However, BTC remains above its MA-200 at USD 70,274. The Ichimoku Kijun places immediate resistance near USD 76,440, while support sits at USD 74,544. The expected short-term trading range extends from USD 74,544 to USD 77,062.
Momentum indicators remain weak. MACD carries a Strong Sell reading, while ADX signals Sell. RSI stands at 41.08, and Stochastic RSI and CCI indicate oversold conditions.
Bull/Bear Power also sits in oversold territory, while the Awesome Oscillator remains neutral. The supplied outlook assigns a 71% probability to a downside move and 29% to an upside breakout.
A confirmed break above USD 76,440 would strengthen the bullish short-term scenario. Conversely, losing USD 74,544 could increase bearish pressure. Bucella identified USD 83,000 to USD 86,000 as the next area to watch. He said faces long-term supply there before gaining access to stronger technical territory.