Bitcoin and the aggregated crypto markets have been facing a period of consolidation after posting a decent sized rally earlier this week. Although this rally has stalled in recent times, it is important to note that BTC’s main level of resistance still exists at $10,800.
One analyst, however, believes that an inability to validate a bearish rising wedge that BTC is currently trading within could spell trouble for the cryptocurrency in the near-term.
Bitcoin Inches Lower After Facing Rejection
Ever since BTC bounced from its support level at $10,000, the cryptocurrency has been facing a bout of consolidation after its upwards momentum stalled, which may mean that its bulls do not have enough strength at the moment to push the cryptocurrency higher.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Bitcoin is currently caught within a rising wedge, which could spell trouble for its near-term price action.
“$BTC: Short and simple analysis… Rising wedge. One final touch…
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Author: Cole Petersen