Bored With Bitcoin? This BTC Price Level Is Key for a Big Breakout
The price of Bitcoin is consolidating below $9,300 but this isn’t necessarily bearish as a major breakout may be in the works.
The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, has been ranging between $8,600 and $10,500 since the halving.
During the two-months’ sideways action, the market started to heat up and altcoins entered the spotlight.Additionally, traders and investors are constantly debating whether BTC price is still in bull or bear territory.
Let’s take a closer look at the charts to where Bitcoin may be headed next.
Bitcoin has to hold support above the crucial level of $8,600
The price of Bitcoin has a critical level to sustain above at the $8,550-8,750 area.
Bitcoin has been in a significant uptrend since the heavy crash in March.
As an uptrend is classified through higher highs and higher lows, the recent low is found at the $8,550-8,750 area.
This is a significant area because traders use these pivots for the placement of stop/loss levels.
But since the price of Bitcoin has been slowly retracing and consolidating, the focus should be on the volume.
During the consolidation period, the volume steadily decreased.
This is an indication that we’re not in the “move,” which would mean a new trend.
This move would be confirmed by a heavy breakout above $10,500 or a heavy breakdown below $8,500.
An example is seen in the consolidation period around $3,500-4,000 eighteen months ago.
A big move is on the horizon
In the first quarter of 2019, the price of Bitcoin moved inside a narrow range.
This is significant because it shows what usually happens during a lengthy sideways period and why the current stage is also classified as one.
During the range-bound period of 2019, the volume drained away over time.
The actual climax of the volume came with the breakout, which meant that breakout traders hit their limit buys and shorters hit their stop/loss.
This chain reaction triggered a sudden $1,000 candle.
As the price has been hovering in the range for months, the breakout is usually a significant and explosive one.
The longer something ranges in a certain accumulation period, the bigger the move once it breaks out.
Read the full topic at
https://cointelegraph.com/news/bored-with-bitcoin-this-btc-price-level-is-key-for-a-big-breakout
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The price of Bitcoin (BTC), the top-ranked cryptocurrency by market capitalization, has been ranging between $8,600 and $10,500 since the halving.
During the two-months’ sideways action, the market started to heat up and altcoins entered the spotlight.Additionally, traders and investors are constantly debating whether BTC price is still in bull or bear territory.
Let’s take a closer look at the charts to where Bitcoin may be headed next.
Bitcoin has to hold support above the crucial level of $8,600
The price of Bitcoin has a critical level to sustain above at the $8,550-8,750 area.
Bitcoin has been in a significant uptrend since the heavy crash in March.
As an uptrend is classified through higher highs and higher lows, the recent low is found at the $8,550-8,750 area.
But since the price of Bitcoin has been slowly retracing and consolidating, the focus should be on the volume.
During the consolidation period, the volume steadily decreased.
This is an indication that we’re not in the “move,” which would mean a new trend.
This move would be confirmed by a heavy breakout above $10,500 or a heavy breakdown below $8,500.
An example is seen in the consolidation period around $3,500-4,000 eighteen months ago.
A big move is on the horizon
In the first quarter of 2019, the price of Bitcoin moved inside a narrow range.
This is significant because it shows what usually happens during a lengthy sideways period and why the current stage is also classified as one.
During the range-bound period of 2019, the volume drained away over time.
The actual climax of the volume came with the breakout, which meant that breakout traders hit their limit buys and shorters hit their stop/loss.
This chain reaction triggered a sudden $1,000 candle.
As the price has been hovering in the range for months, the breakout is usually a significant and explosive one.
The longer something ranges in a certain accumulation period, the bigger the move once it breaks out.
Read the full topic at
https://cointelegraph.com/news/bored-with-bitcoin-this-btc-price-level-is-key-for-a-big-breakout
Follow me on
Twitter: https://twitter.com/cryptoexpert20
If you wont me to post your cryptocurrency article on my blog From the link
https://www.fiverr.com/cryptoexpert20/post-your-cryptocurrency-article-on-my-blog
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