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2018-7-30 16:28 |
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 upside has been capped around $8,300 and the dips to $8,050 have been short-lived, according to Bitfinex.
While the price consolidation despite bull breakout has neutralized the immediate bullish outlook, it is still too early to call a bearish reversal.
An upside break of the sideways channel would validate the descending broadening channel breakout and allow a rally to 200-day moving average (MA) of $8,468.
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Bitcoin’s price consolidation, when viewed against the backdrop of the descending channel breakout, indicates bullish exhaustion.
Bitcoin (BTC) на Currencies.ru
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