Bitcoin price consolidates below $9,300. But, would the bitcoin price movement, a bull or a bear?
Bitcoin has been on the top rank in cryptocurrency, by market capitalization. After the halving, its price has been playing between $8,600 and $10,500. Recently, there is a sideways action in the previous months, with which the market started heating up. Moreover, altcoins are entering the spotlight. Will the Bitcoin price movement be on the bull or bear territory?
In addition, there is a constant debate between traders and investors with regard to the BTC price. Whether it will be in the bull or bear territory. Let us observe closely the charts to where the Bitcoin is heading next.
Bitcoin holding above $8,600
Bitcoin price has been at a critical level, and it is sustaining an $8,500 to $8,750,
It is a significant upward movement since the heavy fall last March. With the recent uptrend, the movement is classified to be at the higher highs and higher lows.
It is a significant area for traders as it is the pivot for placing stop/loss levels. However, the Bitcoin price is slowly consolidating and retracing. Its focus is on the volume.
At the consolidating level, the volume is steadily decreasing. It indicates that the price is not on the move. The move will only be confirmed through a heavy breakout, which may occur above $10,500, or a heavy fall below $8,500.
We can observe this during the consolidation period 18 months ago, in which the price played around $3,500 to $4,000.
In the first quarter of 2019, the Bitcoin price is at a narrow range. It is a significant move as it shows what happens in a lengthy sideways period.
At the range-bound period, the volume drains away over time. The actual climax came with a price breakout, which means the traders hit their limit buys, and the shorters have hit to stop/loss.
The chain reaction triggers a sudden $1,000 candle. Thus, the breakout became an explosive yet significant one. It is also observed in several altcoins.
Bullish Scenario for Bitcoin Price Movement
There are few critical levels of bullish territory. It supports at $8,900 to $9,000. If the support is lost, the USD/BTC will drop below the bearish territory of $8,550.
The key resistance has to break at $9,300 to break for a potential rally toward $9,650. As the level remains untested, it is the first pivot point for an upside trend.
A big breakout will occur if the resistance zone is acquired.
Bearish Scenario for Bitcoin Price Movement
Meanwhile, the bearish territory of the Bitcoin price heavily depends on the $9,300 level. If it is rejected again, then expect a re-test at $8,800-8,900. The retest will likely lead to another drop. It will go below the $8,600 level and the range in the past two months will be a waste.
Moreover, if it drops below $8,600 then we will expect another huge drop towards $7,400. The current support and the 1-day support level tells the market is in great shape.