Bitcoin price consolidates as traders contest $19.5K range

3 December, 2020

After an impressive run to a new all-time high on Dec.1, Bitcoin (BTC) price appears to have entered a short consolidation phase as the price ranges between $18,200 and $19,500. The 1 and 4-hour charts show the price compressing into a pennant-like structure and break out from the pattern would likely see the price move to the $19,400 level where is a bit more resistance.

A breakthrough the pennant would also suggest that the $19,000 level could now function as solid support and if bulls are able to flip the $19,400 to $19,500 zone to support then an attempt at overtaking the new all-time high is expected. As many analysts have pointed out, periods of consolidation and pullbacks to retest underlying support are critically important to sustaining the strength of an uptrend.

Furthermore, if Bitcoin is truly is in a bull market, investors will view major and minor pullbacks as purchasing opportunities. Clear evidence of this can be seen in the daily chart which shows traders buying into every significant dip since mid-October. We can also see that the pattern of daily higher lows is intact even after the most recent strong rejections at the $19,000 level.

If Bitcoin price fails to push through $19,200 or loses the $19,000 level, the volume profile visible range (VPVR) shows there’s support at $18,650 and below this at $17,800. $17,800 is also aligned with the 20-day moving average, a metric that has been respected since the uptrend first began on Oct. 7 when Bitcoin price traded for $10,600.


Source   Presented by FxPro
Another double-digit growth for Bitcoin15 Jan, 2021  

Bitcoin's success story continues. After a brief pullback toward the $30K low, the benchmark cryptocurrency is once again aiming for $40K. Over the past 24 hours...

Bitcoin Claws Back to $3640014 Jan, 2021  

Bitcoin is making gains, though much of the day saw the cryptocurrency in a holding pattern. Meanwhile, a quarter of ether options are expiring in March...

Crypto Market: A Good Start To The Year14 Jan, 2021  

Since the end of December, and even a little prior to that, Bitcoin has been on a tear away as its price ticked off major milestones along the way. Crossing the $20,000...


Bitcoin Trading Volumes Now at All-Time Highs12 Jan, 2021  

Data from CryptoCompare shows that bitcoin trading volumes on the eight major exchanges tracked on the CoinDesk 20 have passed $11 billion, a new all-time high...

Nearly $170 billion wiped off cryptocurrency market11 Jan, 2021  

Bitcoin and other digital coins tanked on Monday wiping off some $170 billion from the entire cryptocurrency market. The market capitalization or value of the...

Bitcoin slides more than 5% after topping $400008 Jan, 2021  

Bitcoin fell more than 5% on Friday, a day after topping $40,000 for the first time. The world's most popular digital currency slid to as low as $36,618.36 on Bitstamp...


JPMorgan & Chase predicts Bitcoin to hit $188000 in the long term6 Jan, 2021  

One of the world's largest investment banks has theorised that cryptocurrency Bitcoin could reach as high as US$146,000 ($188,430), but it won’t happen in 2021...

Here are 2020's worst Bitcoin price predictions1 Jan, 2021  

These off the mark 2020 Bitcoin price predictions prove that forecasting BTC's value is as futile as picking lottery numbers. Pundits and crypto analysts love to issue Bitcoin...

Bitcoin price inches closer to $30000 with new all-time highs30 Dec, 2020  

Bitcoin (BTC) returned to hitting records on Dec. 30 after a fresh rebound took it above its $28,400 all-time high. Data from Cointelegraph Markets and TradingView...