Bitcoin Retests The $11,000 Range Holding A Strong Low Volume

Bitcoin retests the $11,000 position since over the past three days it has been trading between $10,400 and $11,000 as it was shown in the previous altcoin news analysis. The traders are waiting for a decision as BTC is still trading in a tight range.

On the 4-hour charts, the price of bitcoin can be seen developing a breakout since it reached the point on the 18^th of July. It is still no surprise that over the weekend, the volume has still been very low and as a result, the price action started trading within a tight range. The momentum indicator is showing that the cryptocurrency crossed to the upside despite the low volume which shows that the bulls are back in control.

Starting tomorrow, it will be a very important day for Bitcoin since this is usually when the volume is rushed back into the market and tries to consolidate until the weekend comes. This usually ends up in a major movement which sets the tone for the next week. We could also expect to see a pull-back to $10,100 point before continuing the bullish trend but more information is expected after Monday’s trading session.

For now, it looks like no matter the direction and how volatile the bitcoin price action is, bitcoin retests the $11,000 price range and other altcoins are continuing to create lower dips resulting in little tradeable opportunities. On the 1 hour charts, the 50MA and 200EMA are going very close to each other which is very uncommon for the last couple of months, especially for Bitcoin. This could also be a sign of a major suppression or a big move ahead. It is still hard to understand which direction will Bitcoin take and how will its price develop but the consensus and trend are still bullish up to the $8,800 point as mentioned in the analysis previously in the latest cryptocurrency news.

The Maxx Momentum is trading very closely to the median 0.0 line which is aligned nicely with both of the moving averages. The analysts are confident that the next few weeks there will be a clear decision as to which direction bitcoin will take on to next.