Traders speculate where Bitcoin should move after this intense lateral movement.
“Not so pessimistic” patterns are emerging and Bitcoin looks set to break the $ 9,000 resistance. BTC has been trading sideways during the week. The price of BTC has gone up to the range of $ 9,200 and has returned to $ 9,000 with no significant change in price movement, but according to a cryptocurrency analyst this constant sideways movement is an indication that Bitcoin could rise further from this Score.
Experts say that this sideways movement that is keeping Bitcoin under $ 10,000 could potentially trigger a bull run going forward. Likewise, prices can also fall, as lateral movements are generally as promising as they are risky.
The lateral movement, also called the horizontal trend, usually occurs when buyers and sellers are moving towards equilibrium. This is a sign that consolidation is coming and that Bitcoin may go down or up for good.
However, the latter seems more likely to happen based on recent events. Bitcoin is trading in the $ 9200 price range, with a monthly high of $ 9450. At the time of this writing, light bullish patterns are showing, while Bitcoin finds support at the $ 9 level, 1 thousand. If bulls stay strong in the meantime, Bitcoin may be on the way to trading at $ 9,500. In a situation where the bulls remain in charge, the previous resistance levels, seen in June, may be reached once again. If Bitcoin loses momentum, it risks testing previous support between the $ 6000 to $ 7000 price range.
Another trader also supported this motion, saying that Bitcoin has successfully passed the Hash Ribbons; a price indicator that generally informs the state of the Bitcoin network and is obtained by weighting Bitcoin’s long and short term moving averages.
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The formation of this price indicator, as said by another analyst, suggests that a bull run is coming. Although this has received mixed responses from other analysts, “John Mo”, one of Twitter’s well-known Bitcoin price analysts predicts that indicators that signal a massive sale could drive prices up to $ 6,000.
Meanwhile, altseason seems to have subsided somewhat. Against Bitcoin, analysts confirmed that altcoin price performance has been promising, despite the moderate appearance of a bearish trend. Again, this suggests that Bitcoin is being traded in a favorable environment and that a price hike above $ 10,500 could still be achieved in the month of July.