The Bulls and Bears are fighting for Bitcoin and its near-term outlook while the number one cryptocurrency is consolidating as we are reading more in the latest bitcoin news today.
Where will the cryptocurrency trend in the mid-term depend on whether the bulls and bears will settle down and the price reaches above $19,000 which was a pivotal level for BTC in the past. The sustained bout of trading below this level could open the gates for more losses but there are many factors that are still working in the crypto’s favor. One trader believes that the consolidation channel is about to run out of space which could mean that a huge push higher is imminent. For this to come to fruition the cryptocurrency has to continue the pattern of setting higher-lows.
Bitcoin was caught in an intense bout of sideways trading in the past few weeks which comes as the upper $19,000 region’s resistance remains intense while the buying pressure in the $18,000 range continues holding strong. The consolidation phase was narrowing greatly as of late which shows that BTC could see massive movement to the upside in the near-term. One trader believes that a huge movement is imminent in the near-term as the cryptocurrency’s channels are narrowing. At the time of writing, BTC is trading down just under 2% with a price of $18,900 as it dipped overnight as low as $18,600 before founding massive support that helped pushed it higher.
The fact that there’s support here is bullish and it could indicate that the upside movement is imminent in the near-term but the resistance of $19,000 is quite strong and flipping this level into support prove to be a real challenge. One trader explained in a recent tweet that Bitcoin’s consolidation channel is running out of space which could mean that another wave of volatility is around the corner. He noted that BTC will remain in the channel as long as there are lower highs and higher lows:
“BTC continuing to refine this consolidation range… lower highs, higher lows, eventually we run out of room.”
Which direction will BTC break once the consolidation phase ends, will set the tone for another mid-term trend.
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