Bitcoin Price is Consolidating on the Weekly Chart and Giving Bulls More Hope

The price of bitcoin has been floundering back and forth for a couple weeks now and there is plenty of evidence on why it may fall, but it is also building a case of late on why it will rise.

Digesting the prior move before the next leg

Above we see a weekly view of the bitcoin price chart. After the rally from the 3,500 area price has essentially consolidated for three weeks after the big doji candle (indecision candle).

Basically stuck between 9,800 and 8,400 price has felt like its done nothing of late. I would argue it has done a lot because I honestly thought we would have saw a pullback to 7,500 by now before the next rally.

It seems price has been able to just sit in a sideways range consolidating for the next move. This doesn't mean that the move will be higher, but either way I expect there to be a explosive move in whichever direction it breaks.

Upside break out target on a weekly view is 11,500. Downside breakout target on weekly view is 6,800

Either way I'm ready for some price action!

Posted Using LeoFinance