The markets have been relatively dull for the past 2 months as the price of Bitcoin has been sustaining between the $10,200-$11,000 range.
The Bitcoin daily chart shows the continuation of the range-bound construction that started after the price dropped beneath the crucial barrier at $11,200-11,400.
As long as the price of Bitcoin stays below this resistance area, it's unlikely to expect a strong upside move.
Bitcoin's price is reaching a climax point as the volatility is being drained away.
As a matter of fact, the price of Bitcoin has been stabilizing in its most recent movements, which is not a sign of weakness.
Will such a move be made across the markets or just with Bitcoin price?
As Bitcoin's price is hovering between levels, so is the total market capitalization of the entire sector.
Since the push of Bitcoin towards $12,400, Bitcoin's price has been trending downwards.
The price of Bitcoin is still acting below resistance and losing momentum as the volume drains away.
If the price of Bitcoin is able to crack this resistance, new highs are on the horizon as the major bullish pivot is broken.
$9,100 Bitcoin price possible if volume and price action stay sideways
pubblicato su Oct 6, 2020
by Cointele | pubblicato su Coinage
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