Bitcoin soon shall be consolidating before December rise for $20K
As soon as the recent rapid rally was done, the market of Bitcoin is more likely to have a breather before starting with the increase towards the end of its year. The cryptocurrency has the chances of consolidation for a short span of time before it moves to a high amount in Christmassy. This has been even confirmed by the head of the digital asset called Chris Thomas at Swissquite Bank. Of course, the notable Gaines is being made which literally looks not so likely in the short time since the cryptocurrency has been the 60% rally from the gain of $9,800 to $15,900.
With a considerable rally that has been noted over the past few months, it seems now bitcoin soon shall be consolidating before December rise for $20K. Be it the 14 week or 14 days the relative strength indices are now hovering quite well of more than 70. This indicates the condition of overbought and the scope for some pullback too. Furthermore, the senior cryptocurrency trader Echoing Thomas commented that bitcoin should consolidate in the range of $14,000 to $16,00 in the coming weeks. However, it is also expected that there needs to be a pause that would let a rally in other cryptocurrencies which may have lagers the bitcoin a few months back.
There are also many other investors and traders along with experts who believe that bitcoin soon shall be heading for not just consolidation but more that. Bitcoin has been overbought right after it surged through the serious resistance of $14,000. This clearly shows there is a period correction along with consolidation. Ideally, there have been many pullbacks that Bitcoin has noted already for more than 20% in the previous markets of the bull. However, there has been quite a breakdown which looks as if the sell-side liquidity has come out to dry up with increased institutional participation.
Crypto Business World
CBW - External Analyst