Bitcoin price is actually consolidating straight into a tighter range as traders seem to be prepared to test the $10.5K resistance.
Bitcoin (BTC) price seems to have entered the weekend on the nice feet after a fairly uneventful Friday found the price remain to fluctuate between $10,200-1dolar1 10,400.
Within the moment of creating the daily chart reveals the top-ranked digital advantage tightening straight into a pennant and since building a two fold bottom at $9,838, BTC has etched a pattern of higher lows that have now pinched the price into a tighter span.
While trading volume still leaves a lot to be desired, the moving average convergence divergence gauge shows the MACD pulling closer to the signal model and the shorter bars on the histogram indicate that selling is actually slowing down.
While encouraging, the RSI remains beneath the midline and even though BTC is currently above the 100 MA a cutting edge the pennant to flip $10.5K to support is now the next step traders are searching for.
As said before in the previous researching, in case the price can drive through $10.5K, bulls will try to exploit the VPVR gap from $10,500 1dolar1 11,000 although it’s very likely that the 20-MA ($10,900) will serve as resistance before moving higher toward $11,300.
While Bitcoin price continues to consolidate toward a far more decisive action, altcoins moved higher to evaluate critical resistance levels which just a week prior had been strong supports.
Yearn.finance (YFI) became a premier performer, rallying 22.5 % to $38,333. Binance Coin (BNB) gained 11.30 % and Ontology ONT moved 13.19 % higher.
Based on CoinMarketCap, the entire cryptocurrency market cap today stands at $334 billion and Bitcoin’s dominance index is now at 56.8 %.