RATE Group | Another Retest of $11k But Bitcoin Remains in the Chop Zone
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Another Retest of $11k But Bitcoin Remains in the Chop Zone

21 Jul Another Retest of $11k But Bitcoin Remains in the Chop Zone

Posted at 15:59h in Bitcoin News by

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Crypto markets have been relatively flat this weekend but bitcoin has made it back to the $11,000 level, albeit very briefly. The altcoin market has been slowly shifting but weekend activity has been poor for many of them.

Bitcoin Returns to $11K

BTC returned to resistance above $11k during early Asian trading today. According to Tradingview, it topped out at $11,120 before pulling back sharply in one large red hourly candle. Over the next couple of hours bitcoin returned to its intraday support zone of $10,500 before stablizing at its current level 00.

bitcoin

BTC price 1 hour chart. Tradingview.com

The golden cross of the 50 and 200 moving averages on the hourly chart indicates a very short term trend reversal, but the opposite has occurred on the longer term 4 hour chart.

Trader and analyst going by the twitter handle @Davethewave, has compared current chart patterns with previous ones labelling it as a period of indecision.

“The period of indecision before the second move down….”

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