Bitcoin (BTC) the king of cryptocurrency has been in trouble but the Bitcoin price analysis reveals that the consolidation period is finally about to end, but would it really?
Bitcoin (BTC) seems to be converging price onto a triangle tip as seen by the four-hour time frame chart. The consolidation period runs short for Bitcoin as time passes.
BTC will make an abrupt move by breaking the continuity spectrum that currently shackles it, bound to an almost straight pattern.
Bitcoin’s fall from the twelve thousand dollars ($12,000) mark was a setback for most bulls- drowning their morale in the crypto-ocean. Furthermore, Bitcoin has been surfing in the eleven thousand dollar region, breaking support at eleven thousand five hundred dollars ($11,500) at one point.
Currently, BTC holds sixty-nine percent (69.5%) of market capitalization ratio that amounts to two hundred and nine billion dollars ($209B). While all of the cryptocurrencies combined, sum up to three hundred and one billion dollars ($301B) in fiat.
Bitcoin price analysis – Support/Resistance:
Bitcoin has eleven support lying between the range of eleven thousand five hundred ($11,500) to eleven thousand six hundred dollars ($11,600).
If BTC breaks below this support then the eleven thousand two hundred dollars ($11,200) is our best bet. A further flush in BTC volume could result in it is going even lower.
That’ll station BTC owners to keep watch at the eleven thousand dollars ($11,000) mark which also happens to tag along with the fifty (50) day moving average (MA) line.
The relative strength index (RSI) is volatile between the sixty-four (64) to sixty (60) range. Bitcoin’s last bullish attempt is staying above the sixty (60) mark that is key support for its MA.