Bullish pennant hints at Bitcoin priced breakout to $11,300

Bitcoin price is actually consolidating into a tighter range as traders seem to be prepared to test the $10.5K opposition.

Bitcoin (BTC) price appears to have entered the weekend on the nice foot after a fairly uneventful Friday observed the retail price remain to fluctuate between $10,200-1dolar1 10,400.

At the moment of creating the everyday chart indicates the top-ranked digital asset tightening into a pennant and since building a two-fold bottom at $9,838, BTC has etched a pattern of excessive lows that have finally pinched the price into a tighter span.

While trading volume still leaves a lot to be desired, the moving average convergence divergence signal shows the MACD pulling closer to the signal type and the shorter bars on the histogram indicate that marketing is slowing down.

While encouraging, the RSI remains beneath the midline and even though BTC is now above the 100 MA a breakthrough the pennant to flip $10.5K to support is now the following step traders are actually looking for.

As mentioned in the earlier researching, in case the price is able to force through $10.5K, bulls will try to exploit the VPVR gap from $10,500-1dolar1 11,000 but it is likely that the 20 MA ($10,900) will work as opposition before moving better toward $11,300.

While Bitcoin price tag proceeds to consolidate toward a more decisive move, altcoins moved higher to test crucial resistance levels that simply a week prior had been powerful supports.

Yearn.finance (YFI) became a premier performer, rallying 22.5 % to $38,333. Binance Coin (BNB) acquired 11.30 % and Ontology ONT settled 13.19 % greater.

According to CoinMarketCap, the overall cryptocurrency market cap today stands at $334 billion and Bitcoin’s dominance index is currently at 56.8 %.