- Novogratz believes that the largest crypto will consolidate between $10,000 and $14,000.
- Bitcoin must correct higher and come out of the falling channel resistance.
The cryptocurrency market is grappling with increased volatility as the week comes to an end. In spite of the volatility industry leaders like Mike Novogratz believes that the largest crypto will consolidate between $10,000 and $14,000 before the next parabolic rise. Besides, a recent drop under $10,000 made a hasty come back above $11,000 and even stepped above $12,000.
With that in mind, we can comfortably deduce that Bitcoin is still within its bullish phase and possesses the potential for further recovery to the recent highs around $13,800. As reported by FXStreet’s analyst Tanya earlier today, the bear pressure resulted in Bitcoin sliding below $10,000 where it formed a low at $10,752.
The buyers have pushed for recovery above $11,000 at press time. BTC/USD is changing hands at $11,137 having corrected 0.23% higher on the day. The 50 Simple Moving Average (SMA) is hindering movement at $11,343. Bitcoin must correct higher and come out of the falling channel resistance in order to push for gains above $12,000.
On the flipside, the 100 SMA 4-h is the initial support at $11,000. The 4-hour chart shows the next support target at today’s lows ($10,752). Other support areas to look out for include $10,000, $, $10,647 (weekly lows) and $9,000 (major support).
BTC/USD 4-h chart
Share
