The most dominant cryptocurrency and the aggregated crypto markets have been facing a period of consolidation after they posted a decent sized rally earlier this week. It seems that Bitcoin inches a bit lower every day, even though the target at $10,800 remains.
This target is also BTC’s main level of resistance. According to one analyst, the inability to validate a bearish rising wedge that BTC is currently trading within could spell big trouble for the major cryptocurrency in the near term.
Bitcoin is trading at $10,347 as we speak which marks a slight positive influx of 0.15% on the day. Ever since BTC bounced from its support level at $10,000, the market is in a positive momentum and the most dominant cryptocurrency has been facing a bout of consolidation.
As Bitcoin inches a bit lower than the $10,500 levels, it is featured on many best cryptocurrency news sites as the cryptocurrency which has the most potential right now. Analysts have confirmed this, too.
According to the Cryptomist, the fact that Bitcoin inches lower does not matter – BTC is actually caught within a rising wedge which could spell trouble for the near-term price action. As she said:
“$BTC: Short and simple analysis… Rising wedge. One final touch approx 10.4k – Looking at target approx 10k.”
If the pattern does have bullish implications for BTC as the most dominant cryptocurrency, $10,000 will likely be a key support level which analysts closely watch. Any break below this level could spell trouble for its mid-term price action.
The latest cryptocurrency news show that BTC may still target $10,800. Although BTC found some resistance in the mid-$10,400 range, its nearest major resistance level currently exists at roughly $10,800. A break above this price level could spark a massive upwards movement.
Chonis Trading, who is another popular analyst in the Bitcoin and altcoin news, recently spoke about how Bitcoin inches lower, explaining that a decisive break above the $10,800 price level would be notable.
“$BTC – yesterday’s Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ area…if it can break that is,” he said.
— Big Chonis Trading😷 (@BigChonis) September 13, 2019
For now, the most dominant cryptocurrency is in a good position, with a dominance of 70.3% and a nice daily trading volume.
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