On Saturday, Bitcoin finally broke below $9,000 after a week of consolidation. When the asset slipped under this level, more than $20 million worth of longs on BitMEX were liquidated. This was in addition to the more than $40 million liquidated just two days earlier.
Many were quick to flip bearish as BTC temporarily lost the support of $9,000. One crypto trader shared a chart indicating that a textbook pattern predicting $7,000 was almost confirmed when the drop took place.14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!
Yet an analyst has said that stepping back, Bitcoin is still in consolidation.
BITCOIN IS STILL TRAPPED IN A TRADING RANGE
According to the trader that shared the chart below, Bitcoin is still trading in a range, technically speaking.
The analyst noted that since the dump yesterday stopped around $8,900, that support is still in play. “BTC still playing ping pong inside the consolidation range. There is no need to be upset,†he wrote
Range analysis chart over recent months by Crypto Monk (
Blockroots founder Josh Rager has echoed this sentiment.
As reported by Bitcoinist previously, Rager said that Bitcoin’s current range is $8,500-10,000. Unless it breaks those levels on a daily/weekly time frame, it remains in that range.
“BTC’s range is clear. Current support that has been holding the past three weeks is the mid-range Break down here and price likely to see $8900 followed by $8500 range bottom,†Rager wrote, referencing the chart seen below.
Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com
There’s also a comment from Tone Vays, a former VP at JP Morgan Chase. The Bitcoin analyst said in a recent
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