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

Bitcoin price is consolidating straight into a tighter range as traders seem to be willing to evaluate the $10.5K resistance.

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

Within the moment of creating the daily chart shows the top ranked digital asset tightening into a pennant and since making a two fold bottom at $9,838, BTC has etched a pattern of excessive lows that have recently pinched the price into a tighter range.

While trading volume still leaves a lot to be wanted, the moving average convergence divergence signal shows the MACD taking closer to the signal type and the smaller bars on the histogram suggest that marketing is actually slowing down.

While stimulating, the RSI is still 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 next phase traders are actually looking for.

As mentioned in the previous studies, in case the price can force through $10.5K, bulls will attempt to exploit the VPVR gap offered by $10,500 1dolar1 11,000 however, it’s likely that the 20 MA ($10,900) will act as opposition before moving higher toward $11,300.

While Bitcoin cost goes on to consolidate toward a more decisive move, altcoins moved higher to evaluate key resistance levels which simply a week prior had been strong supports.

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

Based on CoinMarketCap, the complete cryptocurrency market cap now stands at $334 billion and Bitcoin’s dominance index is now at 56.8 %.

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