- Bitcoin’s long held consolidation phase seems to be ending.
- Chances of breaking lower are higher.
Bitcoin, the poster boy of the cryptocurrency world has been consolidating in a narrrowing ranges for a long time, which seems to be nearing an end for now as the triangle in which the price was consolidating is nearing its completion.
BTC/USD is up about two cents of a percent at $6,358 and in a less than half a percent range – a clear sign of consolidating, lower volume and lower volatility days, which has been going on for last few weeks and clearly visible on the 480-minute chart of the King.
Next key support of the BTC is placed at $6,242 while resistance is placed at 6,480. Given the earlier trend of the largest cryptocurrency by market capitalisation, chances of BTC breaking lower for the next few weeks, are higher. Bitcoin did breakout on the long term chart, though, but bulls haven’t been able to capitalise on the the breakout, as reported by this author on Saturday. (Read earlier article here)
BTC/USD 480-minute chart: