Bitcoin’s Pause May Serve as Consolidation Before Push Higher

1x 1

Bitcoin’s surge over the past week got a lot of hearts pumping. Now technical indicators suggest enthusiasts could see it make another major move higher soon.Based on its recent price trend, Bitcoin appears to be consolidating before its next jump, which could take it back to $12,000, a resistance level dating back to last August. In addition, the coin is in overbought territory, according to its 14-day Relative Strength Index (RSI), which measures the magnitude and persistence of price movement.And another technical gauge suggests Bitcoin could move higher. Based on the Trading Envelope indicator, which smooths moving averages to map out higher and lower limits, the token’s price is below the upper limit of the band, typically seen as a positive development.“The break above $10,000 is very compelling and should lead Bitcoin higher,” said Matt Maley, chief market strategist for Miller Tabak + Co. But in the near term, it’s…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE