Bitcoin (BTC) News – Bitcoin (BTC) consolidating once again

Spread the love

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 range currently for Bitcoin (BTC) seems to be between $ 3700 and $ 3400. On the lower side, there is another support around $ 3200. The next support is around $ 3000. It seems like the upsideĀ is capped at about $ 3800 at the most. Only once it can cross that resistance, Bitcoin (BTC) can move higher.

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.

The problem is that if it breaks on the lower side, it can take out the support of $ 3000. It will head to newer lows and even head lower as compared to the 2018 lows. In such a case, the bearish phase might get extended as well. It will usher in new bearishness in cryptocurrencies.

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.

About Manish 352 Articles
I am an avid crypto lover and a electronics & telecommunications engineer by qualification. I follow the cryptocurrency & blockchain industry closely to focus on the latest news & developments.

Be the first to comment

Leave a Reply

Your email address will not be published.