RATE Group | Here’s Why Traders Think Bitcoin is on the Cusp of Printing a $1,000 Candle
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Here’s Why Traders Think Bitcoin is on the Cusp of Printing a $1,000 Candle

21 May Here’s Why Traders Think Bitcoin is on the Cusp of Printing a $1,000 Candle

Posted at 02:41h in Bitcoin News by


  • Bitcoin has continued ranging sideways within the upper-$9,000 region following a series of rejections at $10,000
  • The ongoing bout of sideways trading may mark buyers’ attempt to generate increased trading activity from bulls
  • Analysts are noting that Bitcoin is nearing the apex of a large ascending triangle
  • The resolution of this pattern could be the impetus for BTC to print a $1,000 candle

Bitcoin has struggled to garner much momentum in recent times, with its price action being largely suppressed by the immense selling pressure found within the lower-$10,000 region.

The five-figure price region has been a resistance level for the cryptocurrency ever since its decline from 2017 highs of nearly $20,000.

Each visit to this region has been short-lived, and is typically followed by capitulatory declines.

Analysts are now noting that Bitcoin’s consolidation…

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