Bitcoin is trading in a consolidation but still above the $10,000 level

Bitcoin is still witnessing sideways movements to trade within a limited range of price fluctuation between $10,100 - $10,700, as investors await more stimulating motives for the digital market, but the largest digital currency in the world remains above the $10,000 level, in a good sign of the possibility of starting a wave Fresh from high prices.

Throughout last week’s trading, the Bitcoin currency incurred limited losses, as it lost about 0.9% for the fourth consecutive week, due to a relatively low demand for buying cryptocurrencies.

The cryptocurrency market is known q8trade With its wide fluctuation over ten years of its history, the price of Bitcoin is subject to huge movements.

Despite this, Bitcoin has entered a lull over recent weeks, entering a limited range between $9,500 and $11,500, and the cryptocurrency is suffering from several negative things, including low trading volumes as well as renewed regulatory concerns, and the lack of a clear direction for the market increases Volatility level that has fallen near its lowest levels in November 2018 and April 2019.

Bitcoin

Bitcoin

When the volatility drops to this lower level it is likely that the bitcoin price will make a strong movement and eventually make a decision on the future direction.

Bitcoin is constantly fluctuating

The high volatility of Bitcoin, which almost reached its lowest levels in November 2018 and April 2019, is increasing investors' fears of bad volatility that prices can be difficult to bear at times, as the price could rise to $ 20,000 in months or fall to $ 3,000 .

In April 2019, the bitcoin suddenly rose by 20% from the level of $4,000 to $5,000, and in November 2018, the bitcoin fell dramatically from the level of $6000 to $3,000, and this means that the huge bitcoin price movement is still going on, but the question remains: Many are waiting for him in which direction will Bitcoin decide to go?

Many analysts are of the opinion that Bitcoin will go higher and this is why:

Over the past few months Bitcoin has found itself trading in a clear triangle, it has seen higher bottoms and lower tops, and this was considered by some as a bearish signal, the continuation of the lower tops can be considered as a loss of bullish momentum, and by Bulkwoski's study the descending triangles will break to move upwards by up to 63%.

According to this study, the descending triangles as a continuation pattern will push to the upside by 63%.

Although technical and fundamental indicators point to a rally in Bitcoin prices, there are some concerns that Bitcoin may turn to the downside, as the volatile nature of digital markets is surprising to many.

Mohamed Abdel Khaleq
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