Prominent Analyst: Bitcoin Likely on Cusp of Making a Major Price Movement
Following the immense volatility that Bitcoin (BTC) experienced earlier this week, the cryptocurrency has once again found itself caught within a period of consolidation as it trades sideways within the upper-$7,300 region.
This sideways trading, however, may soon draw to a close, as one highly respected analyst is now noting that Bitcoin is bound to break above or below its current range boundaries in the near-term, which could spark a massive movement that determines BTC’s next trend.
Bitcoin Stable Around $7,400 Following Recent Volatility
At the time of writing, Bitcoin is trading down marginally at its current price of $7,400, which marks a slight decline from its daily highs of just below $7,500 and a very minor increase from its daily lows of $7,350.
This tight trading range that has been formed over the past day marks a massive narrowing of the range that has been established between $7,200 and $7,500 over the past week, as Bitcoin has been unable to break above or below either of these levels, which both appear to mark its immediate levels of support and resistance.
This period of sideways trading may be fleeting, however, as Scott Melker – a prominent analyst – noted in a recent tweet that Bitcoin is nearing the end of a large pennant that it has been caught within in recent times, and how it responds to the apex of this pennant could set the tone for where it goes next.
“$BTC 4 Hour: Consolidating against resistance of both the local descending channel and from the top of the ‘China pump.’ The blue line represents local support. Something has to give soon on one side or the other,” he said while pointing to the chart seen below.
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$BTC 4 Hour
Consolidating against resistance of both the local descending channel and from the top of the "China pump." The blue line represents local support. Something has to give soon on one side or the other. pic.twitter.com/99p3sa1Rxl
— The Wolf Of All Streets (@scottmelker) December 6, 2019
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Will the Next Big Movement Favor Bulls or Bears?
The Cryptomist, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that she believes the next major movement will favor Bitcoin’s bulls, but also that BTC may dip to its next level of major support at $6,900 before the bull-favoring rally commences.
“$BTC: 6hr falling wedge. Suspecting/ hoping for one more touch to support which I can long. Breakout would lead to the 3day falling wedge resistance. In other words, one more possible drop towards $6.9k before the bulls take the wheel,” she explained while referencing the below chart.
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6hr falling wedgeSuspecting/ hoping for one more touch to support which I can long Breakout would lead to the 3day falling wedge resistance
In other words, one more possible drop towards $6.9k before the bulls take the wheel https://t.co/pes1g7c5Ez pic.twitter.com/gfIqelrLoA
— The Cryptomist (@TheCryptomist) December 6, 2019
The coming few days and weeks may give analysts and investors alike significant insight into where Bitcoin and the aggregated crypto markets will head as 2020 fast approaches.
Featured image from Shutterstock.
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