Bitcoin (BTC) is trading around $ 3600. In the last few months, it has gone back into consolidation. It remains to be seen when will it finally break this range. Earlier as well, it had gone into consolidation but broke the range on the lower side and lost almost 50% of its value from that range. The question is what will be the result of this consolidation.
Bitcoin (BTC) consolidating once again:
The only bit of problem is that the longer the consolidation, the more will be the probability that the range will break on the lower side. That is why it is always important to look at the price movement and after that take a call on trading in Bitcoin (BTC). Another problem is that if Bitcoin (BTC) breaks the range on the lower side, the other cryptocurrencies wellhead lower as well. Bitcoin (BTC) dominance is still around 52%. Any down move in Bitcoin (BTC) will cause the downfall of not just the mainstream cryptocurrencies but other Altcoins as well.
With the volumes also remaining on the lower side, it is challenging for it to break the range. It seems like, many traders and investors are on the sidelines when it comes to Bitcoin (BTC). If the breakout happens on either side with massive volumes, that is an indicator that you might want to take a position. However, since it will result in huge momentum, it is a good idea to keep a proper stoploss. With the help of stoploss, you can easily save a significant amount of money.
On the upper side, it is tough for Bitcoin (BTC) to clear $ 4000. Before it as well, there are a couple of resistances which it needs to remove. Thus Bitcoin (BTC) seems to be in a narrow range once again.