Its Decision Time for Bitcoin: These are the Price Levels Analysts are Targeting

Sunday 2 May 2020, 2:53 AM AEST - 1 week ago

  • Bitcoin has been firmly caught within a bout of consolidation over the past few days, largely hovering within the lower $9,000 region
  • It appears that it is decision time for the cryptocurrency, as how its ongoing period of sideways trading resolves could set the tone for where it trends in the weeks ahead
  • This next movement could be quite drastic, as some analysts are noting that it could result in a $1,000+ candle

Bitcoin has continued ranging sideways within the lower-$9,000 region. The benchmark cryptocurrency has struggled to garner any decisive momentum in the time following its capitulatory decline to lows of $8,800 earlier this past week.

Analysts do believe that BTC is positioned to make a massive movement in the days and weeks ahead.

Some traders are noting that the resolution of this bout of sideways trading could spark a large move that leads it to rally or plummet by $1,000 or more.

That being said, this consolidation phases resolution is likely to define Bitcoins mid-term trend.

Bitcoin Consolidates as Analysts Watch a Massive Pennant Formation

At the time of writing, Bitcoin is trading up marginally at its current price of $9,200.

This is around the price level it has been trading at throughout the past several days and weeks, as it has struggled to garner any momentum in the time since it bounced at lows of $8,800 earlier this week.

This rangebound trading has made its mid-term trend increasingly unclear, but it does appear that it could be well-positioned to make a large movement in the days and weeks ahead.

One analyst recently pointed to a large triangle formation that the crypto has been caught within, noting that it is currently trading in the middle of the pattern.

BitcoinImage Courtesy of Crypto Birb

While looking at the above chart, the upper boundary of this triangle sits around $10,000, while the lower boundary rests around $8,700.

Trader: BTCs Next Movement Could be Massive

Although the ta ...

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