Bitcoin Continues Trading Sideways Around $10,000
At the time of writing, Bitcoin is trading up marginally at its of $10,220, which marks a notable retrace from its recent highs of over $10,500 that were set during a sharp upwards movement earlier this week that ultimately proved to be unsustainable.
Prior to Bitcoin’s sharp movement to highs of $10,500, BTC dipped to lows of roughly $9,900 – signaling that the cryptocurrency is currently trading in the middle of a relatively tight trading range that may hold strong for the coming days and weeks. The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s price action in a recent tweet, explaining that she expects its future trend to be revealed this week as it nears the apex of an ascending triangle formation.“$Btc Honestly, I am not certain of btc’s next move. But if I had to say… I think we break out this ascending triangle on 3hr towards descending triangle 10.8k region before larger drop *Invalid if ascending support is broke* All will be revealed within this week!” She noted.
Honestly, I am not certain of btc next move But if I had to say …. I think we break out this ascending triangle on 3hr towards descending triangle 10.8k region before larger drop *Invalid if ascending support is broke* All will be revealed within this week! — The Cryptomist (@Thecryptomist)
Symmetrical Triangle Could Lead BTC to Incur Steady Gains
Murad Mahmudov, another popular cryptocurrency analyst on Twitter, also spoke about Bitcoin’s current price action in a recent tweet, explaining that he believes that the symmetrical triangle formation that many analysts have pointed to as a bullish technical development will help lead BTC’s price higher in the coming weeks and months.
“Expecting a steady ascent from here. Expecting the Symmetric Triangle meme to transform into an Ascending Triangle meme in a Kafkaesque fashion,” he said while pointing to the below chart that shows the resistance levels that he is watching.
Expecting a steady ascent from here. Expecting the Symmetric Triangle meme to transform into an Ascending Triangle meme in a Kafkaesque fashion. — Murad (@MustStopMurad)
Although it currently remains unclear as to whether or not $10,000 will continue act as a strong level of support, as long as BTC is able to continue climbing higher as the week drags on, it may validate the bullish technical formations that Muhmudov referred to.
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