RATE Group | Bitcoin’s consolidation may turn to be a calm before the storm
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Bitcoin’s consolidation may turn to be a calm before the storm

13 Nov Bitcoin’s consolidation may turn to be a calm before the storm

Posted at 12:11h in Bitcoin News by

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  • Bitcoin (BTC)’s sell-off will speed up if $8,700 is broken.
  • An initial resistance awaits the bulls on approach to $8,800.

Bitcoin is locked in a tight range limited by $8,800 on the upside and $8,700 on the downside. The first digital coin has recovered from Tuesday’s low of $8,558; however, the upside momentum has faded away on approach to the resistance area created by a combination of SMA100 (Simple Moving Average) and the upper line of the Bollinger Band on 1-hour timeframe. We will need to see a sustainable move above this handle for the upside to gain traction with the next focus on $9,000. SMA200 (Simple Moving Average) 1-hour might turn in into a stiff barrier for BTC bulls.

BTC/USD 1-hour chart

From the longer-term perspective, the first resistance comes with the middle line of the Bollinger Band at $9,100. It is followed baby SMA100 ($9,250) and  SMA200 ($9,450).  BTC/USD has been trading below SMA100 daily since September 14; thus, a sustainable…

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