Bitcoin (BTC) has now further extended its period of consolidation around the key $10,000 support level and has failed to post any sustainable bounce since dipping below this critical support level over the weekend.
Analysts are noting that Bitcoin’s technical structure is currently expressing signs of bullishness, with one prominent analyst explaining that he expects BTC to incur a steady ascent over the coming weeks and months.
Bitcoin Continues Trading Sideways Around $10,000
At the time of writing, Bitcoin is trading up marginally at its current price of $10,220, which marks a notable retrace from its recent highs of over $10,500 that were set during a sharp upwards movement earlier this week that ultimately proved to be unsustainable.
Prior to Bitcoin’s sharp movement to highs of $10,500, BTC dipped to lows of roughly $9,900 – signaling that the cryptocurrency is currently trading in the middle of a relatively tight trading range that may hold strong for the coming days and weeks.
The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin’s price action in a recent tweet, explaining that she expects its future trend to be revealed this week as it nears the apex of an ascending triangle formation.
“$Btc Honestly, I am not certain of btc’s next move. But if I had to say… I think we break out this ascending triangle on 3hr towards descending triangle 10.8k region before larger drop *Invalid if ascending support is broke* All will be revealed within this week!” She noted.
Honestly, I am not certain of btc next move
But if I had to say ….
I think we break out this ascending triangle on 3hr towards descending triangle 10.8k region before larger drop
*Invalid if ascending support is broke*
All will be revealed within this week! pic.twitter.com/xcrOtrOoPG
— The Cryptomist (@TheCryptomist) August 28, 2019
Symmetrical Triangle Could Lead BTC to Incur Steady Gains
Murad Mahmudov, another popular cryptocurrency analyst on Twitter, also spoke about Bitcoin’s current price action in a recent tweet, explaining that he believes that the symmetrical triangle formation that many analysts have pointed to as a bullish technical development will help lead BTC’s price higher in the coming weeks and months.
“Expecting a steady ascent from here. Expecting the Symmetric Triangle meme to transform into an Ascending Triangle meme in a Kafkaesque fashion,” he said while pointing to the below chart that shows the resistance levels that he is watching.
Expecting a steady ascent from here.
Expecting the Symmetric Triangle meme to transform into an Ascending Triangle meme in a Kafkaesque fashion. pic.twitter.com/NPlJTlA7A1
— Murad (@MustStopMurad) August 28, 2019
Although it currently remains unclear as to whether or not $10,000 will continue act as a strong level of support, as long as BTC is able to continue climbing higher as the week drags on, it may validate the bullish technical formations that Muhmudov referred to.
Featured image from Shutterstock.