- Bitcoin and the aggregate cryptocurrency market have been consolidating for two months
- This trend also shows no signs of easing soon, as BTC has released some of the closest candles in a row it has ever seen
- At the same time, BTC’s trading volume has declined, indicating that market participants have practically marginalized everyone
- Analysts continue to believe that benchmark crypto will release a $ 1,000 candle after this range is resolved
- Such a trader believes this could happen in the coming weeks and provides clues to the crypto trend during the third and fourth quarters
Bitcoin is currently trading at the same price level at which it was caught in the past few days and weeks.
The cryptocurrency has shown no signs of shaking the resistance and support levels that it has held in its current price position, and a lack of trading volume has made it virtually impossible for bulls or bears to trigger a clear trend.
The tight trading pattern of the past few days has emerged after two months of trading between $ 9,000 and $ 1
It is still likely that once this sideways trade has resolved, side traders will re-enter the market and help maintain a massive move.
Bitcoin continues to hover around $ 9,100 as bulls and bears reach a dead end
At the time of writing, Bitcoin is trading slightly at its current price of $ 9,070.
BTC has been hovering around $ 9,100 for several weeks now and is trying to achieve a clear dynamic.
Earlier this week, buyers tried to overcome the short-term resistance of $ 9,300, but this move encountered a sharp surge in selling pressure, which caused the price to drop to a low of $ 8,950.
From this point on it is at its current price level.
An analyst recently found in a tweet that while Bitcoin is currently in a “neutral” range, it is rapidly approaching the apex of a triangle formation that could catalyze a clearer trend.
“Regardless of the pattern, the larger trend still seems to be in a“ neutral ”area. Buy and drive the breakout – don’t get hacked in the middle, ”he advised.
Image Courtesy of Teddy. Chart via TradingView.
Trader: BTC is expected to print a $ 1,000 candle shortly
Another popular trader agrees that Bitcoin is about to develop a trend-defining movement.
He explained that he expects crypto to make a sharp $ 1,000 two-way move in the near future, which the crypto trend trends will give for the third and fourth quarters of this year.
“BTC HTF Update: This price action is insanely boring … If we expect a large candle worth $ 1000 in both directions when this area breaks out early enough, this will likely give us a clear indication of the move in the third and fourth Quarter, “he said.
Image Courtesy of Cactus. Chart via TradingView.
Since BTC is flashing neutral characters, it remains unclear in which direction this candle will go.
Featured image from Shutterstock. Charts from TradingView.