A potential Bitcoin breakout has been discussed and predicted many times this year. In the latest cryptocurrency news, we can see that such surge could happen soon. The BTC trading range is getting tighter which can only mean one thing – a Bitcoin breakout is imminent at this point.
Yesterday, BTC was inactive most of the day. The coming altcoin news showed some increases but nothing that will attract the eyes of investors. With a peak at $10,370, Bitcoin is now stable and has passed the period of sideways trading.
It seems that the candle sticks are getting smaller on the daily charts – something that indicates indecision between the bulls and the bears. At the time of writing, BTC was still within this channel and was trading at just above $10,300 with daily RSI right on 50.
The oscillators and moving averages are all pretty neutral at this point. However, a Bitcoin breakout is expected – and analysts can sense that something big is coming. One of them is the analyst ‘CryptoFibonacci’ known for his predictions in the Bitcoin and altcoin news. As he recently said, a series of exponential moving averages have all aligned on the daily time frame.
“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.
$BTC Red Alert!!
Big move should happen in the next few days or early next week!!
Ema's are all bunched up together. And right at resistance.#BTC pic.twitter.com/8ptnW4HSas
— CryptoFibonacci (@CryptoFib) September 16, 2019
The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of. Could it wick down to 8500? Sure it could, but too many people are looking at that area and calling it,” he said.
Other traders also suggested that a big move could be coming Bitcoin’s way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week.
On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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