Hello fellas, welcome back with bitcoin update again and again. Coming to the consolidation zone, we can see a lot of frustation and a lot of uncertainty has came to this crypto space. The only good view is on the altcoin market which is holding its most of the bottom support. A coin like Omisego, Nano, and Stellar (beside the coin burn fundamental) has surged up from its bottom, this will once again become the indication of increasing attraction of free money to this altcoin market.
Coming back to the bitcoin insight which always phenomenal and being unpredictable, I want to analyze it in short term view and in lower time frame. Based on my technical analysis, we can easily see that the $9500 has been a very very huge resistance for bitcoin. In last few days, we have seen a very sideways market. But, slowly the price is forming a higher low structure since October the 26th, 2019. Therefore, it forms like an ascending type of the triangle. Although a lot of bearish pressure has intimidate the bulls for a long time, but the bulls still remain strong and consistent at least at lower time frame. I could change my bias from bearish to bullish short term as if the price can break the $9500 and we can see a push further toward $9700 or even the $10000 region. But, as long as the resistance is remain valid, I am still bearish short term.
Anything can happen in crypto market.
Coming back to the bitcoin insight which always phenomenal and being unpredictable, I want to analyze it in short term view and in lower time frame. Based on my technical analysis, we can easily see that the $9500 has been a very very huge resistance for bitcoin. In last few days, we have seen a very sideways market. But, slowly the price is forming a higher low structure since October the 26th, 2019. Therefore, it forms like an ascending type of the triangle. Although a lot of bearish pressure has intimidate the bulls for a long time, but the bulls still remain strong and consistent at least at lower time frame. I could change my bias from bearish to bullish short term as if the price can break the $9500 and we can see a push further toward $9700 or even the $10000 region. But, as long as the resistance is remain valid, I am still bearish short term.
Anything can happen in crypto market.
