Bitcoin has been caught within a firm bout of sideways trading over the past day, with its buyers and sellers being deadlocked within an intense battle that has left BTC’s price ranging sideways around $10,200.
Bull’s inability to extend the cryptocurrency’s momentum has led it to grow increasingly bearish, as one simple charting pattern could suggest that its recent highs will mark a mid-term top that is proceeded by an intense downtrend.
In order for this bearishness to be invalidated, it is imperative that buyers hold the crypto above a critical support level, as a break below this could lead to a violent movement down towards $7,000.
Bitcoin Begins Consolidating as Short-Term Trend Grows Unclear
At the time of writing, Bitcoin is trading up marginally at its current price of $10,250, which marks a notable decline from recent highs of just under $10,500, and only a slight climb from lows of $10,100.
These two aforementioned prices appear to mark the upper and lower boundaries of a newly formed trading range, and which of these is decisively broken first could offer analysts and investors alike deeper insight into the crypto’s short-term trend.
In order for the incredibly…
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Author: Cole Petersen