Bitcoin today witnessed intense volatility that came about after the cryptocurrency’s price soared past $ 10,000 before facing yet another hard rejection that led it back to the $ 9,000 region.
This price action has once again led BTC to enter the same consolidation channel it was caught in earlier, and the medium-term trend still remains incredibly unclear.
This recent volatility was the latest in a series of so-called “Darth Maul” candles orchestrated in an attempt to flush out over-leveraged positions.
BTC now appears to be engaged in an intense effort to break a multi-year trendline that has lowered it, and analysts are watching as it responds to a few key moving averages to understand where it can go next.
A trader even notes that a technical pattern suggests that Bitcoin is positioned to see a major benefit: a see-saw that is about to enter a full-fledged bull market.
Bitcoin is fighting a multi-year trend line as sales pressure rises
At the time of writing, Bitcoin is trading at just under 1% at its current price of $ 9,870. This marks a notable climb from daily lows of less than $ 9,700, but a slight drop from highs of just below $ 10,100.
The sales pressure between BTC’s current price and the key high time-resistance of $ 10,500 has proved insurmountable three times in the past six months.
An analyst talked about the interest of $ 9,820, which explains that this is the upper limit of a trading range formed in the past 43 days.
“BTC is trying to find acceptance above a 43-day range on 9820. Mainly MAs at 1W and 1D levels. Trending up since the March lows,” the trader explained.
The same analyst also noted that the three-year declining trendline in which the crypto was captured exists around $ 10,500.
He believes that a solid and decisive breakthrough above this level could send Bitcoin to its 2019 high of $ 13,800.
“Fight against a 3-year trendline. 10.5k remains an important area that can send it to 19 ‘highlights. Trying to climb the downward line from December 17 “Aths and LHs.”
BTC is about to place a bull trend signal on this important indicator
In addition to exhibiting force majeure for the reasons mentioned above, the cryptocurrency benchmark would also be about to rally based on posting a bull trend signal on its Gann Fan.
A cryptocurrency analyst spoke about this a recent tweet, with an overview of the clear signal.
“Gann Fan 1/1 Bull Trend signal for BTC (2/1 Break out would be the Bull Trend confirmation).”
How BTC trends in the coming days should provide valuable insight into whether the long-standing consolidation phase will ultimately result in a bull-favor move.
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