- Bitcoin has been caught in a firm consolidation phase but is now showing some signs of weakness
- The cryptocurrency is currently pushing down towards its key support within the mid-$11,000 region as its bulls falter
- There is currently a massive trading range that analysts are closely watching
- Which of the range boundaries that the crypto breaks above – or below – first will likely offer significant insight into its near-term trend
- Some respected traders are also gearing up to short the upper end of this trading range
- This is a sign that they expect it to be insurmountable in the near-term
Bitcoin and the aggregated cryptocurrency market has been struggling to maintain the momentum seen throughout the past several weeks.
za BTC, its multi-week rally first began slowing last week when it saw a sharp rise to $12,000 before facing a rejection that sent it reeling down to $11,000.
This decline struck a serious blow to its near-term outlook and sparked the consolidation phase that it is still caught in today.
Analysts are now noting that this has led BTC to establish a wide trading range between $11,200 and $12,200.
One trader is noting that which of these levels breaks first will offer significant insight into the crypto’s macro trend.
Bitcoin Struggles to Rally Higher as Analysts Flip Short
V času pisanja je dr. Bitcoin se znižuje za nekaj več kot 2 % pri trenutni ceni 11,650 $.
This is around the price at which it has been trading throughout the past couple of weeks – struggling to garner any clear momentum as it hovers within mid-to-upper $11,000 region.
It is important to note that BTC is currently trading at a level that has been established as support on multiple occasions throughout the past week.
A dip below here could lead to a deeper pullback.
If Bitcoin can rally higher and buck this downtrend, one analyst is Opažam that he is looking to short the lower-$12,000 region with a target of around $10,000.
“If 12.2k – 12.3k comes – Might just be the first short I take this month as a swing play down to 10s,” he said.
Here’s the Macro Trading Range that Will Determine BTC’s Future
Ko govorimo o tem, kje Bitcoin may trend next, one prominent trader razložiti that he is watching to see how it reacts to the upper and lower boundaries of a newly formed range.
This range is between $11,200 and $12,200.
“Bitcoin is still trading in a range since the start of August, a break of either 11.2k or 12.2k will be a fairly obviously breakout long or short with defined risk. Generally dislike taking positions in the middle of the range since wicks are so frequent now.”
Slika z dovoljenjem Flood. Grafikon prek TradingView.
Because BTC has already faced a rejection at the upper boundary of this trading range, it may soon test $11,200.
Predstavljena slika iz Unsplash. Grafiko od TradingView.