Bulls eye the $19.5K resistance but low volume keeps Bitcoin price sideways

Bulls eye the $19.5K resistance however low quantity retains Bitcoin value sideways


As talked about by Cointelegraph contributor Rakesh Upadhyay, Bitcoin value spent the weekend consolidating inside a bull pennant and the breakout to $19,418 was rapidly stamped out by overhead resistance.

After retouching the pennant trendline, the value gave means, falling under the 20-MA on the 4-hour time-frame and briefly dropping the $19,000 mark.

Crypto market day by day value chart. Supply: Coin360

Usually, most merchants appear to agree that after a raging 93% rally from $10,300 to $19,888, a interval of consolidation is critical. Cointelegraph analyst Micheal van de Poppe mentioned:

“On the upper timeframe, Bitcoin continues to be performing because it was final week. We’re nonetheless performing within the all-time excessive resistance zone. I nonetheless have my eyes on $16Ok, which we bounced from, and $14Ok as these areas nonetheless might be retested as help. Holding $19Ok is vital and if we have now a day by day shut under $18.9K I believe we’ll fall by.”

On the day by day and 4-hour timeframe merchants will observe that the value continues to be notching decrease highs and better lows, an indication that the value vary is starting to slender.

BTC/USDT 4-hour chart. Supply: TradingView

At present the value continues to be holding throughout the pennant trendline as help however a breakthrough the construction would require a excessive quantity transfer as there may be persistent overhead resistance at $19,500.

As talked about in earlier evaluation, a drop under the $18,800 stage will see BTC seek for help at $17,900, and under that the $16,000 to $15,750 vary.

For the brief time period, risk-averse merchants are prone to maintain a detailed eye on the 4-hour chart to see if the value can once more discover help above the 20-MA so as to burst by the pennant. It’s imporant to notice that this transfer would require signifanct quantity to keep away from rejection within the $19,400-$19,500 resistance zone.

Bitcoin day by day value chart. Supply: Coin360

Usually, throughout Bitcoin’s consolidation phases altcoins pump larger however that has not been the case this time.

Whereas a number of DeFi tokens and different obscure altcoins have moved larger, the vast majority of the top-20 cash are within the crimson in the present day.

That is presumably as a consequence of the truth that buyers are reluctant to shift funds into altcoins whereas the Bitcoin value is in such an indecisive place.

Skilled crypto buyers know {that a} sturdy bullish breakout from BTC may end in altcoin-to-BTC pairs being crushed, whereas a bearish breakdown in BTC value tends to end in BTC and USD altcoin pairs receiving an equally catastrophic pummeling.

A number of standouts of the day are, AAVE with a 8.54% achieve, Monero (XMR) which moved 5.19% larger and Waves (WAVES) which has rallied 6.23%.

In response to CoinMarketCap, the general cryptocurrency market cap now stands at $566.5 billion and Bitcoin’s dominance index at present at 62.6%.