Sideways Phase in Bitcoin: Blessing and Curse Alike

Since mid-November last year, Bitcoin (BTC/USD) has experienced a sideways phase between 90,000 and 109,000 US dollars. This can present both opportunities for approximately 30% gains as well as the risk of a topping pattern. Despite the recent price drop, bargain hunters are using the situation to build positions. An increase above 104,620 US dollars could trigger a short-term test of the record level at 109,356 US dollars, while medium-term signals targeting around 129,628 US dollars can only be derived after a sustainable resolution of the consolidation. On the downside, losses below 90,000 US dollars could lead to a test of the EMA 200 at 83,195 US dollars, with potential discounts to previous highs around 73,794 US dollars.

Source: investing.com

By: Raphael Müller