Bitcoin (BTC) is continuing in its not very interesting grind of a consolidation, and is predictably retesting the $10,000 mark. This level seems to be the inflection point of what has become an extensive ranging and price consolidation after the late-June run to $14,000. We will likely see Bitcoin reach the bottom of its range in the mid $9,000’s before long.
Starting on the daily chart, we see the limits of Bitcoin’s current, shrinking range. Yesterday’s candle closed below the clutch of exponential moving averages (EMAs) that were grouped together, although the sell volume on this red day was paltry.
Buyers have stepped in to try and float Bitcoin at $10,000 for the nth time in this consolidation period. But we can reasonably expect that BTC will soon break this and retest the bottom of its range, at least $9,500.
Looking at the 4-hour indicators, we can see that strength has been ebbing on the RSI, with lower highs and lows - although it is so choppy that we are hard pressed to determine the peaks and lows at all. Read More at CryptoGlobe...