Bitcoin Likely Near Bottom of Range as $10,000 Support Holds

Bitcoins bull have been able to hold the cryptocurrency above its key near-term support level of $10,000, and it now appears that BTC is likely consolidating before it reaches the apex of the large descending triangle it is currently within, which will likely spark a big movement in the coming 24-48 hours.

Analysts are currently noting that a weekly close above $9,770 will mean that BTC closed above the bottom of its established trading range, which likely signals that the crypto could push towards its upper range bound in the near-future.

Bitcoin Finds Support Around $10,000

At the time of writing, Bitcoin is trading down marginally at its current price of $10,000, which marks a slight recovery from 24-hour lows of $9,900, with this fleeting drop into the four-figure price region being met with significant buying pressure.

Because Bitcoin has been consolidating within the lower-$10,000 region for the past couple of weeks, it is highly probable that the current pattern of trading marks a bout of consolidation before the crypto reaches the apex of the descending triangle that it has been caught within for the past several months.

It is likely that Bitcoin is soon going to incur significant volatility, which could be driven by a combination of the descending triangle resolving and tomorrows launch of Bakkts physically settled Bitcoin futures platform.

Is BTC Likely to Experience Further Upside?

Many analysts have been pointing to the fact that descending triangles typically result in a bearish downwards break, although the size of this triangle and the market psychology of most market participants believing that this formation will result in further bearishness may prove to be positive things for BTC.

Additionally, analysts widely believe that Bakkts launch will prove to be a positive thing for Bitcoin and the aggregated crypto markets.

CryptoGainz, a popular crypto analyst on Twitter, offered his followers a somewhat bullish outlook on Bitcoins near-term price action, explaining that a weekly close above its range low of $9,770 may spark some near-term bullishness.

Were at the bottom of range and I think well bounce, but if the weekly closes below the 9770, Im shorting $btc hard, he explained.

The day ahead may prove to be critical for the establishment of a mid-term trend for Bitcoin, as the culmination of tonights weekly close, the apex of the large descending triangle, and Bakkts launch, will likely spark some unprecedented volatility.


Featured image from Shutterstock.

The post Bitcoin Likely Near Bottom of Range as $10,000 Support Holds appeared first on NewsBTC.

22.09.2019 / 13:20 60
Prominent Analyst: Bitcoin May Have Established Mid-Term Bottom Prominent Analyst: Bitcoin May Have
Bitcoin has incurred some upwards momentum today after facing growing selling pressure around $10,000. BTCs ability to hold above this price level
Bitcoin Dips Below $10,000, But Bulls May Soon Take Control Bitcoin Dips Below $10,000, But Bulls
Bitcoin has once again dropped to its key support level of $10,000, although each minor dip below this level over the past 24 hours has been met with
Bitcoin: BTC Sinks Below $3,600, Nears Bottom of Recently Established Trading Range Bitcoin: BTC Sinks Below $3,600, Nears
Bitcoin (BTC) has failed to maintain its recently established position in the $3,700 region, which has led it to drop over 4% today. Bitcoins latest
Analyst Claims Bitcoin Could Shortly See Increased Volatility as Crypto Markets Trade Sideways Analyst Claims Bitcoin Could Shortly
Coming off of a relatively volatile week, the cryptocurrency markets are currently seeing a bout of sideways trading, with Bitcoin steady in the
Bitcoin Slides Below $3,600 Leading Overall Crypto Markets to Plunge Bitcoin Slides Below $3,600 Leading
Bitcoin has been unable to maintain above its previous support level around $3,600 and is now nearing the bottom of its recently established range
Crypto Markets Trade Sideways as Bitcoin Forms New Trading Range Crypto Markets Trade Sideways as
The crypto markets are trading relatively flat after an incredibly volatile trading session yesterday, where many altcoins dropped 10% or more as
Comments (0)
Add a comment
Comment on