Search ForexCrunch
  • Bitcoin is trading 3.08% higher and is heading to the consolidation high.
  • After the big fall on 24th September, the market has been stuck between a range.

 

Bitcoin sentiment is positive today as the market is rallying to the consolidation high of 8,535.00.

The consolidation came after the price has a dramatic crash on 24th September following the poor take-up of Bakkt futures on the ICE exchange.

Now it seems we are back at the level just after the crash and if the price breaks higher it could be a sign of more bullishness to come.

A lower high was made on 7th October and now two consecutive higher lows and higher highs have been made,

The volume profile is showing a low volume node at the resistance level of 8,535. So it could take some decent volume to break out.  

The relative strength index (RSI) indicator is also looking positive my only worry would be if a bearish divergence forms. If momentum stays this strong I do not think that will be the case.

Bitcoin Analysis