RATE Group | Bitcoin in Tug of War Between Bulls and Bears as Trading Range Tightens
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Bitcoin in Tug of War Between Bulls and Bears as Trading Range Tightens

09 Aug Bitcoin in Tug of War Between Bulls and Bears as Trading Range Tightens

Posted at 23:53h in Cryptocurrency News by

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  • Bitcoin has charted a narrowing price range over the last three days, neutralizing the immediate bullish setup.
  • A bull revival needs a UTC close above Wednesday’s high of $12,145, according to a double inside bar pattern seen on the daily chart.
  • The outlook would turn bearish if prices print a UTC close below Wednesday’s low of $11,388.
  • The odds of a bearish UTC close would rise if BTC breaks lower from the contracting triangle seen on the intraday charts.

Bitcoin (BTC) is witnessing indecisive price action for the third day, with a break above Wednesday’s high of $12,145 needed to revive the bullish outlook.

The leading cryptocurrency is currently trading at $11,690 on Bitstamp, representing a 0.85 percent drop on the day.

Prices hit a high of $12,040 in the Asian trading hours before quickly falling back below the $12,000 mark. Today is the fourth straight day of bull failure above $12,000.

The cryptocurrency hit an intraday high of $12,325, $12,145 and…

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