Bitcoin's price has decided to take a rest as both the bulls and bearers fight for control of the world's most famous and largest digital currency price range between $ 18200 to $ 19,500 Dollar. P>
After an impressive rally to a new all-time high on December 1st, it appears that the Bitcoin (BTC) price has entered a short consolidation phase with the price ranging between $ 18,200 and $ 19,500, according to Queen Telegraph.
and a chart for both 1 and 4 hours showed price pressure in a pennant-like structure. Exit from the pattern is likely to move the price to the $ 19400 level where there is a bit more resistance .
A breakout of the flag could also indicate that the $ 19,000 level could now act as strong support and if the bulls are able to flip the $ 19,400 to $ 19,500 area to support it, A new all-time high is expected to be attempted.
As indicated by many analysts, periods of consolidation and pullback to retest the fundamental support are very important to maintain the strength of the upside.
Moreover, if Bitcoin is truly in a bull market, then investors will view the big and small drops as buying opportunities. The clear evidence of this can be seen on the daily chart which shows that traders have been buying on every major dip since mid-October.
We can also see that the daily higher lows pattern remains in effect even after the recent strong rejection at the $ 19,000 level.
If the Bitcoin price fails to pay over $ 19,200 or loses the $ 19,000 level, then the Visual Volume Profile (VPVR) range shows support at $ 18,650 and below $ 17,800.
$ 17,800 is also in line with the 20-day moving average, a metric that has been respected since the uptrend first began on October 7 when the Bitcoin price was traded For $ 10,600.
contributor Michael Van de Pope said: It is very difficult to do any analysis at this point but higher timeframes indicate that there is some excessive expansion at this stage. And if Bitcoin's price doesn't break or close above $ 19,000, I think it will fall.
Van de Pope also suggested that the critical area on the weekly timeframe is $ 19,000. He warned that a possible bearish divergence could indicate a reversal in the short term.