Bitcoin May Consolidate for 2 Weeks Before Seeing “Lift Off”

2020-8-9 19:00

Bitcoin has been caught within a consolidation phase within the upper-$11,000 region for the past several days and weeks The cryptocurrency has been struggling to break above the heavy resistance that sits between $11,800 and $12,000 for the past several days This comes as investors once again focus their attention on altcoins – many of which have posted massive returns today It now appears that this consolidation phase may persist for a couple more weeks One analyst is noting that it may be mid-to-late August before BTC and ETH can rally higher

Bitcoin has been caught in the throes of an extended bout of sideways trading ever since its rejection at $12,000 last Saturday.

This has caused the cryptocurrency to see waning trading volume – which may be the result of traders shifting their focus towards small and mid-cap altcoins.

As for where the benchmark crypto may trend next, one analyst is cautioning against expecting anything too exciting in the near-term.

He believes that Bitcoin will likely trade sideways for roughly two weeks before it is able to lift off and start a new leg higher.

Bitcoin Pushes Against Key Resistance as Consolidation Phase Persists 

At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,750. This is around the point at which it has been trading at throughout the past few days.

Bears have laced the region between $11,800 and $12,000 with significant selling pressure, and each venture into this area has resulted in firm rejections.

If Bitcoin is to surmount this in the near-term, there isn’t much resistance until it reaches $13,000.

One analyst explained in a recent tweet that he expects BTC to start slowly chipping away at this supply zone in the near-term.

“BTC: Nice S/R flip at a confluent level yesterday. 1H MS broke to the upside. Want to see $11.6k hold and then price move up to chip away at the 4H supply again. Still bullish.”

Image Courtesy of HornHairs. Chart via TradingView. Analyst: BTC May Consolidate for Weeks Before Starting Next Leg Higher

While speaking about the cryptocurrency’s ongoing consolidation phase, one analyst who forecasted the recent rally from $9,000 to $12,000 explained that he expects it to trade sideways for a couple more weeks before taking off.

“I’m a dip buyer if one occurs around the 15th of August give or take a few days, initial thesis looks promising. Until then I expect we remain in consolidating range/structure before the next larger price expansion and continuation by the 19/20th,” he explained.

Once Bitcoin does break above this near-term resistance it is currently facing, its next leg higher will likely come about in the form of a violent upswing to $13,000.

Featured image from Unsplash. Charts and pricing data from TradingView.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 69259.93 (-0.07%)
Îáúåì 24H $27.795b
Èçìåíåèÿ 24h: -2.84 %, 7d: 2.24 %
Cåãîäíÿ L: $69209.72 - H: $69516.05
Êàïèòàëèçàöèÿ $1365.078b Rank 1
Öåíà â ÷àñ íîâîñòè $ 11701.46 (491.89%)

weeks past several bitcoin phase days consolidation

Èñòî÷íèê: bitcoinist.com

weeks past → Ðåçóëüòàòîâ: 126


Analyst: Bitcoin Just Posted the “Most Important Breakout” in BTC History

Bitcoin has been seeing some incredibly bullish price action throughout the past several days and weeks The cryptocurrency is now consolidating at just below $12,000 as its buyers attempt to catalyze another leg higher Despite facing resistance at this level, the crypto has yet to see any type of harsh breakdown here One recent technical development is creating a new source of bullishness amongst traders The cryptocurrency just broke out of a multi-year bull pennant, […]

2020-8-7 02:00


Barstool’s Dave Portnoy Wants to Buy Bitcoin – Asks Winklevoss Twins to Teach Him

Barstool Sports president Dave Portnoy has been amassing a notable following throughout the past few weeks due to his stock trading live streams – and now he wants in on Bitcoin. Despite previously questioning Bitcoin’s status as an investment, the eccentric trading personality now wants exposure to the digital currency’s immense volatility. In a recent […]

2020-8-5 05:00


Here’s Why Traders are Growing Cautious About Ethereum’s Uptrend

Ethereum has witnessed some incredibly mixed price action throughout the past few weeks After rallying up to highs of $415, it has been struggling to recapture this momentum as it largely trades below $400 Yesterday, ETH bulls pushed it to this key level before facing a massive influx of selling pressure that forced it lower It is now trading around its daily lows as bulls struggle to gain further momentum This has led one analyst […]

2020-8-5 23:00


Ethereum Reaches Crucial Macro Resistance as Analysts Eye a Pullback

Ethereum’s price has rallied higher today in tandem with Bitcoin and other major digital assets This latest surge simply marks an extension of that seen throughout the past several days and weeks, with ETH now trading at the highest price levels seen in over a year The crypto is currently pushing up against its high time frame resistance, however, which could be a sign that its uptrend will start slowing in the near-term Where it […]

2020-8-1 22:00


This Indicator Suggests Ethereum is on a “Moon Mission” with a Target of $460+

Ethereum has been seeing some incredibly strong price action throughout the past several weeks, and there’s no end in sight to its ongoing uptrend. The cryptocurrency is currently reaching up towards a key high time frame resistance level that analysts have been closely watching for quite a while, but the overtly bullish market structure formed […]

2020-8-1 23:00


Troubling Signs: Why One Analyst is Concerned About Bitcoin’s Latest Rally

Bitcoin has been caught within the throes of an intense uptrend throughout the past several days and weeks This has allowed it to post notable gains, despite previously showing signs of weakness as it consolidated at the lower end of its macro trading range The cryptocurrency has now shattered its high time frame resistance at $10,500 One analyst is cautioning investors against growing too bullish when it comes to this latest upswing He is noting […]

2020-7-28 02:00


Bitcoin’s Dominance is Signaling That “Altseason” May Be in Grave Jeopardy

Bitcoin’s dominance has been seeing a sharp decline over the past few days and weeks as altcoins have captured the majority of investors’ attention Yesterday, however, this metric hit a historically important region, and shortly after the benchmark cryptocurrency’s price began rebounding Some analysts are now noting that it may be “pullback time” for altcoins, with this potential decline being perpetuated if Bitcoin can smash above $10,000 Ethereum could also play a big role in […]

2020-7-27 22:00


Bitcoin Breaking Out is the Last Catalyst, Altcoins Setting for a Massive Bull Run

The leading cryptocurrency is enjoying the greens this week, trading around $9,900, a level was last seen in early June when it ran up to $10,000. This uptrend came after weeks of price consolidation, during which altcoins rallied strongly, post halving just like bitcoin behaved in the past after halvings. “History is repeating itself.” The […]

2020-7-26 16:40


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Bitcoin Price Turns Green: Poised for a Major Upswing

Bitcoin price started a fresh increase above the $70,000 resistance. BTC is showing positive signs and might rise further above the $72,000 resistance in the near term. Bitcoin started a decent increase above the $69,500 and $70,000 resistance levels.

Bitcoin Price Gains Momentum: Bullish Surge Ahead?

Bitcoin price found support at $67,000 and started a fresh increase. BTC climbed above $69,500 and might continue to rise in the near term. Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.