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Bit-comment: Struck in sideway or breaking down-trend?

Bitcoin has been forming a sideways price trend of around $9,700 over the last three days. This can be considered bad news for the first cryptocurrency, as for the optimistic scenario the coin had to consolidate above $9,800 to open the door for testing the round psychological level $10K with subsequent attempts to grow up to $10,500. Overcoming this level will be an essential signal for the markets, as it will confirm the breaking of the global downtrend, passing through the peak of December 2017, mid-2019, and February 2020.

Whales continue to enjoy low commissions. According to WhaleAlert, almost 15K bitcoins were transferred with a commission of only $0.3, which by any standards is virtually free.

Bit-comment: Struck in sideway or breaking down-trend?

The FxPro Analyst Team


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