This week is a progression of last week as our analysis for bitcoin market is still within range.
Bitcoin has sustained a ranging market between $9,078 and $9,350. Though the market looks promising, yet patience is the key to this type of situation.
The bitcoin market is presently consolidating as a result of a confluence where buyers and sellers disagree. Presently the market has hit the lower range, $9,078 which is also the support and we should hope for a major bounce soon to the upside.
This can happen sooner if we have more volume pumped into the market.
What we expect is that bitcoin price crosses above $9,350 and then make a retest of this same zone before reaching to $9,785 which is our expected target.
Looking at the technical indicators:
- Major Support Level – $9,078
- Major Resistance Level – $9,350
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