RATE Group | Bitcoin Analysts Brace for ‘Dogfight’ With Narrowing Trading Range
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Bitcoin Analysts Brace for ‘Dogfight’ With Narrowing Trading Range

02 May Bitcoin Analysts Brace for ‘Dogfight’ With Narrowing Trading Range

Posted at 18:14h in Bitcoin News by

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The narrowest trading range in about six months has Bitcoin technical analysts scouring price charts to help figure out whether the biggest cryptocurrency is poised to build upon its April rally.

“The market is not sending off strong signals as we speak as to the direction of the next major move,” Evercore ISI’s Rich Ross said. And though the bigger trend is higher, he said “Bitcoin is likely to remain violently sideways until a new trend emerges.”

Bitcoin is lingering around $9,000 after surging 35 percent in April, the best monthly performance since it rocketed to almost $20,000 in December, and subsequently lost more than half its value while crashing back to earth.

“Bitcoin is positive or bullish, having reversed its December to April downtrend,” said Rob Sluymer, a technical strategist at Fundstrat Global Advisors LLC. “It’s now in what we view as a healthy pause under its 200-day.”

Sluymer said this is indication of the digital currency…

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