2020-7-22 21:00 |
After consolidating between $9,100 and $9,300, Bitcoin is starting to show some signs of life as its price rallies past $9,400 The ongoing uptrend comes after an extended bout of the cryptocurrency losing its trading volume and momentum due to the uptrends seen amongst many altcoins This latest surge may temporarily change the crypto’s trend, but one top trader is noting that he is planning to short BTC’s high time frame resistance at $9,500 Bitcoin’s open interest across major platforms has also been rocketing higher, which could perpetuate the next trend Bitcoin is currently flashing some signs of strength as it breaks out of its long-held trading range and begins testing its previously established resistance levels. This is the first notable movement the crypto has seen in over a week, but it has not had any impact on its macro trend. Until BTC decisively breaks above $10,000 or below $9,000, it still remains caught within the long-held trading range that has been guiding its price action over the past few months. One analyst is noting that although BTC may trend higher in the short-term, he still expects significantly further downside. Bitcoin Shows Signs of Strength, But Traders Aren’t Convinced At the time of writing, Bitcoin is trading up roughly 3% at its current price of $9,400. Although this surge marked an end to its incredibly tight trading range between $9,100 and $9,300, it hasn’t altered BTC’s macro trend of being caught in a consolidation channel. The crucial levels that must be broken in order for a clear mid-term trend to form are $9,000 and $10,000. It’s possible that BTC will soon break below the lower boundary of this range. One prominent trader forecasted this movement earlier this week. In a tweet, he noted that BTC would likely surge to between $9,350 and $9,500 before losing its momentum. He added that he would be adding to his long-term short positions during this rally. “Probably a nice pop up incoming to 9350-9500 where I’ll be looking for shorts. Seems pretty bullish on LTF here.” Image Courtesy of @ThinkingUSD. Chart via TradingView. BTC Open Interest Rockets Higher One trend that could influence the next big movement is Bitcoin’s rocketing open interest. While speaking about this trend, one analyst explained that once its macro range is broken, he expects BTC to start “steamrolling” in one direction. “BTC open interest making new highs again. When this range finally breaks, I expect price to just keep steamrolling with little to no pullbacks.” Image Courtesy of Byzantine General. How the cryptocurrency reacts to its latest upswing may provide insight into which side its mid-term trend will ultimately favor. Featured image from Shutterstock. Charts and pricing data via TradingView.
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