The Current BTC Trading Range May Provide Remarkable Insight on Its Trend

News / 22.12.2019

Recently, Bitcoin and the entire crypto markets experienced some turbulent moments. Nevertheless, following the moments, BTC remained within a firm trading range, thereby engaging in consolidation in the previous several days.

Analysts say that at the boundary of this trading range, BTC’s price can provide remarkable insight into the direction of this crypto and the entire crypto markets for the first part of the year. At press time, BTC’s price got on the upside by more than 4% at $7440, marking a remarkable surge from its daily low of $7140 established yesterday before the wave of selling pressure led to the upsurge some hours ago today.

Later in the day, BTC will achieve its weekly close, which usually establishes the direction for weeks ahead. As Bitcoin approaches this close, there is a likelihood of its price action to be more volatile while bulls and bears struggle to overpower themselves. Today’s moderate volatile signals ensued following a multi-day moment of sideways trading that appeared to BTC’s recent volatility that led to $7600 highs from lows of $6400.

Crypto Analysts on the Current BTC Trading Range

A renowned crypto analyst known as Flibflib took to his Twitter account to reveal certain signs of bullishness on lower time frames; as it moves near to its weekly close.

Another renowned crypto analyst,  known as, cryptoBird also explained the way BTC’s trading range, at the moment, may provide remarkable insight into the crypto’s trend in 2019. His chart shows that a surge of over $7300 may be a break of the hurdle at $7900. Nonetheless, if it rejects its trading range’s upper boundary, it may bring about a new move down to the $6000 zone.

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Patrick is a third culture kid born to Brazilian parents, who enjoys reading, writing and thinking. He believes we need to be relentlessly improving models for investing in good ideas and moving them from the lab to the market, which naturally draws him to the cryptocurrency and blockchain space.