Traders Forecast Bitcoin Will See a “Cool-down Period” as Rally Overheats

Bitcoin’s Low-Time Body Chart is “Getting Attention-grabbing” — Right here’s Why

  • Bitcoin has been holding sturdy above $19,000, which is a optimistic signal for its short-term outlook
  • The energy seen by the cryptocurrency as of late comes regardless of it seeing a number of sturdy rejections at its all-time highs
  • The promoting strain laced all through the mid-to-upper $19,000 area has been an excessive amount of for bulls to deal with
  • Nonetheless, consumers have been in a position to set a sequence of higher-lows following every rejection right here, which is an extremely bullish signal
  • One dealer is now pointing in direction of just a few traits on its low-time body chart as the explanation why upside could also be imminent
  • There may be one essential stage that the cryptocurrency must first break for it to see any critical good points within the days and weeks forward

Bitcoin and the remainder of the crypto market have been caught inside a bout of consolidation as of late.

For BTC, this has favored bulls, because the cryptocurrency has been in a position to maintain sturdy above $19,000 with out dealing with any sustained rejections.

That mentioned, it has but to check the important thing resistance between $19,300 and $19,400, with the promoting strain right here doubtlessly being sufficient for the cryptocurrency to see some large losses within the near-term.

One dealer believes {that a} break above right here could possibly be imminent, noting just a few elements that help this notion.

Bitcoin Exhibits Indicators of Power as Consolidation Continues 

On the time of writing, Bitcoin is buying and selling down simply over 1% at its present worth of $19,170. This marks a critical decline from the cryptocurrency’s all-time highs of $19,800 which were tapped on just a few events as of late.

The promoting strain right here has sparked a number of intense rejections, however the truth that BTC is presently consolidating firmly above $19,000 is a optimistic signal that might work in bulls’ favor.

Dealer Claims Bitcoin’s Low-Time Body Chart Alerts Upside is Imminent 

Whereas pointing to Bitcoin’s low-time body chart, one dealer defined that there are just a few indications {that a} breakout is imminent.

He’s wanting in direction of $19,300 as a key stage that have to be surmounted, noting that bears will seemingly goal $18,100 – ought to BTC see a breakdown.

“BTC / USD: LTF getting fascinating as we squeeze towards resistance with worth constantly rising with this LTF trendline help, anticipating this to interrupt this week… Bulls must flip $19,300 to proceed bullish momentum, bears searching for drop to $18,100 on break down.”

Picture Courtesy of Cactus. Supply: BTCUSD on TradingView.

The way it responds to any imminent checks of this stage ought to shine a lightweight on bulls’ underlying energy.

Featured picture from Unsplash.
Charts from TradingView.