2018-7-30 18:18 |
Bitcoin’s (BTC) price is consolidating in a narrow range at press time and could regain bullish momentum above $8,350, technical charts indicate.
The leading cryptocurrency moved back above $8,000 on Friday as expected and was seen rising to recent highs above $8,500 over the weekend.
The upside has been capped around $8,300 and dips to $8,050 have been short-lived, according to Bitfinex data.
Despite the bull breakout, the price consolidation has neutralized the immediate bullish outlook, yet it is still too early to call a bearish reversal.
View
Bitcoin’s price consolidation, when viewed against the backdrop of the descending channel breakout, indicates bullish exhaustion.