Bitcoin price is consolidating straight into a tighter range as traders seem to be prepared to evaluate the $10.5K opposition.
Bitcoin (BTC) price appears to have entered the weekend on the good feet after a somewhat uneventful Friday observed the price continue to fluctuate between $10,200-1dolar1 10,400.
Within the moment of writing the daily chart reveals the top-ranked digital advantage tightening straight into a pennant and since building a two fold bottom at $9,838, BTC has etched a pattern of excessive lows which have finally pinched the price into a tighter span.
While trading volume still leaves a lot to be desired, the moving average convergence divergence gauge shows the MACD taking much closer to the signal type and the shorter bars on the histogram indicate that selling is slowing down.
While encouraging, the RSI continues to be beneath the midline as well as though BTC is currently above the 100 MA a state of the art the pennant to flip $10.5K to support is also the next step traders are actually searching for.
As stated in the prior researching, in case the retail price is able to force through $10.5K, bulls will attempt to exploit the VPVR gap from $10,500 1dolar1 11,000 although it is likely that the 20-MA ($10,900) will work as resistance before moving higher toward $11,300.
While Bitcoin price proceeds to consolidate toward a far more decisive action, altcoins moved higher to evaluate critical resistance levels which just a week prior were good supports.
Yearn.finance (YFI) was obviously a top performer, rallying 22.5 % to $38,333. Binance Coin (BNB) received 11.30 % and Ontology ONT moved 13.19 % greater.
According to CoinMarketCap, the complete cryptocurrency market cap today stands at $334 billion and Bitcoin’s dominance index is currently at 56.8 %.