BTC Consolidates in a Tight Range but Eyes the Previous High

Nov 07, 2019 at 13:04 // News
Author
Coin Idol
Bitcoin consolidates

Bitcoin consolidates above $9,000 with buyers and sellers undecided about the next move. The small body candlesticks like Doji and Spinning tops are above the $9,000 supply zone representing market indecision about price next move.

From the price action, the market is still in the bullish trend zone. It is ranging above the $9,000 supply zone and pausing for the next move. It is unclear where the price next move will be after its consolidation. Usually, the consolidation will end upon the release of a major news item.

Bitcoin Indicator Reading 

From the daily chart, a price break above the downtrend line will mean an uptrend. Similarly, a price break below the support line will mean a downtrend. Bitcoin EMAs are still in a bullish crossover, meaning that the price is a bullish trend zone.

BTC chart.png

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

What Is the Next Direction for BTC/USD?

Bitcoin will continue its consolidation above the $9,000 supply zone. The price will fluctuate for a few days because of the presence of small body candlesticks like the Spinning tops. The market is flat above the 60% range of the stochastic indicator meaning that the price is neither in bullish nor bearish momentum. As the market consolidates a price breakout or breakdown is imminent.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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