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

Bitcoin price is actually consolidating into a tighter range as traders appear ready to test the $10.5K resistance.

Bitcoin (BTC) price tag seems to have entered the weekend on the good foot after a fairly uneventful Friday discovered the purchase price continue to fluctuate between $10,200-1dolar1 10,400.

At the time of composing 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 higher lows which have now pinched the retail price into a tighter range.

While trading volume still leaves a lot to be ideal, the moving average convergence divergence signal shows the MACD taking closer to the signal type as well as the shorter bars on the histogram suggest that selling is actually slowing down.

While pushing, the RSI remains beneath the midline and also though BTC is now above the 100-MA a state of the art the pennant to flip $10.5K to support is now the next phase traders are actually looking for.

As mentioned in the preceding analysis, in case the retail price is able to drive through $10.5K, bulls will try to exploit the VPVR gap from $10,500-1dolar1 11,000 but it’s very likely that the 20-MA ($10,900) will work as resistance before moving higher toward $11,300.

While Bitcoin price proceeds to consolidate toward a very decisive move, altcoins moved much higher to evaluate crucial resistance levels which only a week prior were powerful supports.

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

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