$10,500 BITCOIN HOLDS STRONG DESPITE LOW VOLUME
Over the last 3 to 4 Days Bitcoin has been trading between $10,400 and $11,000 after the recent breakout of the descending channel on the 18th of July, as shown in my previous analysis. Traders are anxiously awaiting a decision as BTC continues within a tight trading range.
On the 4 Hour chart, we can see how Bitcoin price is developing since the breakout point on the 18th of July. It’s no surprise that throughout this weekend volume has been low, and as a result the price action has been trading within a tight range. Maxx Momentum indicator, which is very similar to the MACD indicator, has now convincingly crossed to the upside despite the low volume. This indicates that bulls are back in control for now.
Monday will be an extremely important day as this is typically when volume rushes back into the market and consolidation throughout the weekend comes to an end. This usually results in a big move which sets the tone for the rest of the week. We should expect to see a pull-back to key support at $10,100 before a continuation of the bullish trend. There’s an expectation of bullish continuation due to the breakout of the descending channel.