Bitcoin was in the last few weeks in a consolidation Phase, and was not able to put in Trading in the 9,000-Dollar-Region a new impetus.The crypto-currency shows few signs of obvious weakness, because the buyers have provided the the top of the 9,000 Dollar range with strong resistance.One Analyst notes that this consolidation is likely to lead to the fact that BTC makes a movement of the “Monster”size.If the resistance is between $9,600 and $10,500 for remains insurmountable, could lead to this decrease it in the $7.000-Region.
Bitcoins consolidation of the 9,000-Dollar-Region has led to mixed sentiment among investors. Although many are due to the significant recovery from the recent lows remains bullish, the successive refusals to 10,000 USD a cause of concern.
This sideways movement is still going on now for almost two months now – and BTC should be no clear inflow of buying or selling pressure is likely to expand in the near future.
Some analysts are of the view that the Benchmark crypto-currency is currently building to a massive movement in the coming weeks.
What concerns the question of whether this will favor bulls or bears, so an Analyst believes that the strong resistance is just enough above the current price of Bitcoin, in order to guide the Asset in the direction of the 7,000-Dollar-Region-to-bottom.
Bitcoins consolidation phase could be a sign of a massive movement
At the time of writing, Bitcoin is quoted at the price of 9,400 USD.
This is the price to which he was traded since his bout of volatility early this week, as buyers pushed BTC to highs of 10.050 $ before the Coin slipped back to lows at $ 9,000.
This has led to the fact that he broke under its previous consolidation channel at $ 9.700. The set, as a buyer, too, weighed him two weeks ago to $ 10.400, before he slumped to $ 8.600.
One Analyst notes now: the consolidation phase could mean that the next great movement of Bitcoin assume massive proportions, and may set the tone for a multi-week Trend will specify.
The Analyst, referring to the diagram below:
“Consolidation already since 1,5 months. This will be for BTC soon, a monster movement“
Image courtesy of CryptoBirb. Chart on trading view
BTC volatility is likely to favour the seller
What concerns the direction in which the next movement will result in BTC probably, analysts believe that it will favor bears.
In addition to the countless rejections with $10,000 in Bitcoin due to the three rejections he has experienced in the last six months, at $10.500, has formed a kind of triple top.
Another Analyst believes that the resistance is now between 9,600 and 9.800 $, could prove to be insurmountable. He has recently shared a chart that shows a downside target in the range of $ 7,000:
“BTC: as Long as we remain Blue, I can see no reason to be here, bullish. Yesterday’s daily closing was pretty ugly, so I got just back in my Swing Short with the target under 8k bin“
Image courtesy of George. Chart on trading view