Bitcoin falls below $18K – but analyst believes massive breakout is possible soon
- Bitcoin is currently undergoing a consolidation process and is struggling to control its short-term prospects.
- The medium-term performance of the crypto-currency is likely to depend on whether the bulls can push it back above $19,000, as this was a key level for BTC.
- A sustained trading boom down here could open the gates for serious losses, but many factors are strongly in favour of the crypto currency.
- One trader believes that BTC’s consolidation channel is about to lose its place, which could mean that a massive upward push is imminent.
- For this to take effect, the crypto currency must continue to set higher lows.
Bitcoin has been caught in intensive sideways trading in recent weeks.
This is due to the fact that resistance in the region of the upper $19,000 remains quite strong, while Bitcoin Billionaire buying pressure in the region of the middle $18,000 remains strong.
Bitcoin’s consolidation phase has recently narrowed considerably, which could be a sign that a massive movement is imminent in the near future.
One trader believes that a massive movement is imminent in the near future as the crypto-currency channel is rapidly narrowing.
Bitcoin struggles to hold above $19,000 with increasing selling pressure
Bitcoin is currently quoted at a price of $18,000. Overnight, the crypto-currency fell rapidly before it could find some support.
The fact that there is support is positive and could mean that an upturn is imminent in the near future.
However, resistance at $19,000 is quite strong and turning this level into support has proven to be a difficult task.
Bitcoin’s consolidation channel goes „out of control
One trader explains in a tweet that Bitcoin’s consolidation channel is running out of space – which could mean massive volatility is imminent.
He notes that BTC will remain in this channel as long as he continues to see lower highs and higher lows. However, this trend can only continue for a certain period of time.
„BTC will continue to refine this area of consolidation… lower highs, higher lows, at some point we will run out of space“.