{"id":417298,"date":"2020-03-07T18:00:13","date_gmt":"2020-03-07T18:00:13","guid":{"rendered":"https:\/\/wncen.com\/?p=417298"},"modified":"2024-06-11T13:43:02","modified_gmt":"2024-06-11T13:43:02","slug":"expect-extreme-volatility-as-bitcoins-consolidation-nears-an-end-levels-to-watch","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/expect-extreme-volatility-as-bitcoins-consolidation-nears-an-end-levels-to-watch\/","title":{"rendered":"Expect Extreme Volatility as Bitcoin\u2019s Consolidation Nears an End; Levels to Watch"},"content":{"rendered":"

Bitcoin and the aggregated cryptocurrency market are currently caught within a bout of sideways trading that first began earlier this week when BTC rallied from lows of $8,400 back into the low-$9,000 region.<\/p>\n

This movement has led most major altcoins to see mixed price action, with Ethereum incurring some intense upwards momentum while many other altcoins drift lower.<\/p>\n

It now appears that Bitcoin is on the cusp of making a massive movement as its bout of sideways trading nears and end, and there are a few key levels that analysts are closely watching in order to determine where it will trend in the weeks and months ahead.<\/p>\n

Bitcoin Drift Lower, But Analysts Still Eye Further Upside<\/strong><\/h2>\n

At the time of writing, Bitcoin<\/a> is trading up just under 1% at its current price<\/a> of $9,000, which is slightly below where it has been trading at over the past few days.<\/p>\n

In the near-term, it does appear that $9,150 is the cryptocurrency\u2019s near-term resistance, as it has been rejected here on multiple occasions over the past few days.<\/p>\n

If bulls are unable to surmount this level in the near-term, it is possible that the cryptocurrency will be prone to seeing further downside, with it currently being at risk of losing the support it has established around $9,000.<\/p>\n

Red \u2013 a popular cryptocurrency analyst on Twitter, shared his thoughts on Bitcoin in a recent tweet, telling his followers that he believes BTC is in a good position to see some upside, with this bullishness being invalidated if the crypto sustains its ongoing dip below the support it has established at $9,060.<\/p>\n

\u201cMentioned yesterday on stream that BTC looks good for a long, and that an invalidation would be that low in blue. bulls should push hard in a few hours, let’s find out, long 9119,\u201d he noted while pointing to the below charts.<\/p><\/blockquote>\n

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mentioned yesterday on stream that $btc<\/a> looks good for a long, and that an invalidation would be that low in blue. bulls should push hard in a few hours, let's find out, long 9119 pic.twitter.com\/Gf8eustQBq<\/a><\/p>\n

— red (@redxbt) March 7, 2020<\/a><\/p><\/blockquote>\n