Since Bitcoin broke through the $8k barrier earlier this month it has started to consolidate forming a range bound channel. The correction that so many had predicted did not last long and quickly rebounded back to $8k on Sunday. Now analysts are looking towards a higher move to $9k before any measurable pullback occurs.
Bitcoin has done very little over the past 24 hours. It reached an intraday high of $8,060 a few hours ago but has largely been consolidating just below $8k. Since Sunday’s pump back to currently levels BTC has been relatively quiet but that could all be about to change.
Surge to Monthly Resistance at $9.6K?
Crypto trader Josh Rager has posted a bullish scenario in which BTC breaks out of the pennant to the upside. The continuation of trend could send it all the way up to $9,600, a level it has not tested since May last year.
Condensing price & decreasing volume before another hard push up to follow the uptrend. Support levels posted – break below here and we see at least low $6ks. I feel as if $BTC can push up over $9k before a major pullback.