Bitcoin is still firmly in the long-lasting phase of consolidation, where both the buyer and the seller are able to have a strong momentum in one direction or the other to trigger.Important: BTC has consolidated, in contrast to the past few weeks now, just above its crucial support level at $ 9,000.This seems to be a sign to his obvious weakness, and could damage the buyers, should decrease the cryptocurrency gradually.Analysts have noted that Bitcoin has closed below a crucial resistance level, and so the goals is a step in the 7,000-Dollar-Region has opened.
Bitcoin and the market for aggregated crypto-currencies have been hard to find a clear direction, because of the multi-week consolidation trend continues.
This Trading range has narrowed in the last time, since BTC has previously recorded a much larger volatility between $9,000 and $10,000, while he is teasing now between $9,000 and $9.200.
An Analyst notes that the digital Benchmark Asset in the bear remains in the area, to 9,700 $ are overcome. This level has proved on several occasions as resistance.
Another Analyst believes that a break above this level in the near future is unlikely, because BTC is currently being traded below a key support level.
He offers a downside target within the upper- $ 7,000 Region.
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Bitcoins Trading range narrows, as the price varies to $9.100
At the time of writing Bitcoin is trading at its current price of 9.150 $ slightly upward. This corresponds roughly to the price level that it has traded in recent days and weeks.
In the last week, BTC has experienced some volatility, as it rallied to a High of 9.800 $ before the Coin was confronted with a fierce rejection, which made him then to lows of 8,900 $ drop. The buyer increased, as the BTC in the 8,000-Dollar-Region of broke.
Although the short-term Outlook for Bitcoin to remain a bit nebulous, it seems that the crypto currency is number 1 because of their inability, the resistance of 9.225 $ to break through, could continue to fall.
An Analyst has shared a chart, a potential indicating a downward target in the upper $ 7,000 range.
“Another day, another daily closing below the previous support now resistance.”
Image courtesy of Teddy. Chart on trading view.
This level bulls need to overcome, the upward trend trigger
As to the question of where Bitcoin needs to go to finish this phase of consolidation and to achieve a clear upward trend, a well-respected Trader keeps the Region around 9.700 $ for crucial.
Josh Rager writes about it on Twitter and stated that BTC had to first turn 9.285 $ in support of and then might be able to test this critical resistance level.
“BTC: The buyer of a rise once again, the last two times we have seen this, rose Bitcoin of over 4% and 2.4%. Watching the S/R 985 $. Break and keep it there for 4 hours and we go higher, although the Trend is still directed downward, until the price closes above $9700s.“
Image courtesy of Josh Rager. Chart by trading view.