Bitcoin Inches Lower, but $10,800 Target Remains

Bitcoin and the aggregated crypto markets have been facing a period of consolidation after posting a decent sized rally earlier this week. Although this rally has stalled in recent times, it is important to note that BTCs main level of resistance still exists at $10,800.

One analyst, however, believes that an inability to validate a bearish rising wedge that BTC is currently trading within could spell trouble for the cryptocurrency in the near-term.

Bitcoin Inches Lower After Facing Rejection

At the time of writing, Bitcoin is trading down marginally at its current price of $10,320, which marks a slight retrace from its daily highs of $10,450.

Ever since BTC bounced from its support level at $10,000, the cryptocurrency has been facing a bout of consolidation after its upwards momentum stalled, which may mean that its bulls do not have enough strength at the moment to push the cryptocurrency higher.

The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes Bitcoin is currently caught within a rising wedge, which could spell trouble for its near-term price action.

$BTC: Short and simple analysis Rising wedge. One final touch approx 10.4k Looking at target approx 10k, she concisely noted while pointing to the below chart.

If this pattern does ultimately have bullish implications for the cryptocurrency, $10,000 will be a key support level that analysts closely watch, as any break below this level could spell trouble for its mid-term price action.

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, and a break above this price level could spark a massive upwards movement.

Chonis Trading, another popular analyst, spoke about the $10,800 resistance level in a recent tweet, explaining that a decisive break above this price level would be notable and could set a positive tone for the rest of 2019.

$BTC yesterdays Bullish move closed right under the MA50, breaking thought puts the next notable #bitcoin resistance around $10,800+ areaif it can break that is, he said.

As the week continues on and Bitcoin continues to consolidate around $10,300, it is likely that its trend for the rest of the year will soon grow increasingly clear.


Featured image from Shutterstock.

The post Bitcoin Inches Lower, but $10,800 Target Remains appeared first on NewsBTC.

13.09.2019 / 16:40 45
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