The Price Becomes Tighter or What to Expect
The price becomes tighter, they say. The previous week was closed with the BTC price having reached the mark $9,207. It is, technically, a 3.66%-loss point. Though the bulls kept BTC price higher than $9,000. The price is still consolidating in spite of the low volatility weekend
On Monday 1% gain was registered as far the price reached the score of $9,300. It should be mentioned that the other currencies had gains as well, especially EOS and ETH with $3.50 and $185 prices accordingly.
Bulls and Bears: is the price becomes tighter?
BTC is now in a trap between the averages and below the weekly resistance. All the signs, vivid and not vivid show, that the price becomes tighter. It became especially clear during the Bollinger Bands 4-hour chart.
The price is pushed at the moment by Bulls and is flowing between $9,350 and $9,050 being the highest and the lowest points. It shows that there will be bullish as well as bearish cases in the nearest future.
Bulls: why they do it
The bulls have made almost impossible – they managed to maintain support over the point of $9,000 and not just once but for about 10 days. So now the rounding bottom is formed. Some analytics consider it to be the first sign of continuation to the upside when the bullish move is in process. It had occurred below resistance. Some consider it to be a proof of bulls’ pushing the price back so the resistance at $9,550 can be tested. In case it really happens and BTC will turn the price into support analytics will consider it to be a sign of the assets’ going higher.
Bears: no accumulation below?
The Bearish case shows that probably bulls are not done accumulating below. So the consequences may and probably will follow. This conclusion was made as a result of the sharpest rejection. It was being seen as soon as RTC crossed the point of those shiny $10,000. It can mean that there’s a void between the marks of $8,000 and $10,000. Surely more time will be needed for testing.