A horizontal triangle pattern was formed by Bitcoin (BTC), Bitcoin price analysis reveals. Usually, nothing can be said if things will turn out bearish, bullish or if, the consolidation cloud will cover the area before any asset makes a move that isn’t per the continuity principle.
Bitcoin price did move abruptly– towards the lower side of the triangle, breaking off and going down whole seven hundred dollars ($700) making the cryptocurrency land at the eleven thousand two hundred dollars ($11,200) mark from its treading price of eleven thousand nine hundred dollars ($11,900).
The eleven thousand two hundred dollars ($11,200) mark acted as a landing pad- and why wouldn’t have it? It’s one of the key support pointers. But this means that such a big pull from BTC has made it bearish again, right? Not quite.
Bitcoin is still here, and the bears are putting up a fight. Currently consolidated the price between the range labeled eleven thousand five hundred ($11,500) on the top, acting as the new resistance mark to eleven thousand two hundred dollars ($11,200)- the new support line.
Bitcoin’s current market cap, out of the total two hundred and ninety-five billion dollars ($295B) market cap, is two hundred and the billion dollars ($203.6B). This is what BTC is left with after one percent (1.3%) drop in its total market dominance, leaving it at sixty-eight percent (68.7%).
Bitcoin price analysis – support/resistance:
Bitcoin’s fall along with the volatility could mean anything. Though no clear bearish signs are visible but in the event that the bulls pull out and the bears dive in, BTC will be facing the eleven thousand one hundred dollar ($11,100) and the eleven thousand dollar support marks to hold it before it falls to the ten thousand dollars ($11,000) territory and lands at ten thousand eight hundred dollars ($10,800).
If things go south-ways from here, then BTC should prepare for the ten thousand six hundred dollars mark ($10,600) below which it will be welcomed by the ten thousand two hundred and fifty dollars (10,250) and finally, the ten thousand dollars mark ($10,000).
On the bullish side of things, we’ll see Bitcoin price experiencing resistance at the eleven thousand six hundred dollars ($11,600) mark. Above that, it’s just twelve thousand dollars ($12,000) posing resistance to BTC before BTC comes face to face with the last three days’ resistance mark at twelve thousand three hundred dollars ($12,300).
The relative strength index (RSI) is bullish; riding at fifty-four (54) while speculating the trading volume, its low amount is explained by the consolidation that shortly followed today’s events.