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

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

Bitcoin (BTC) price seems to have entered the weekend on the nice foot after a relatively uneventful Friday discovered the retail price continue to fluctuate between $10,200 1dolar1 10,400.

At the time of composing the everyday chart reveals the top-ranked digital advantage tightening straight into a pennant and since making a two-fold bottom at $9,838, BTC has etched a pattern of increased lows which have now pinched the price into a tighter scope.

While trading volume still leaves a great deal to be desired, the moving average convergence divergence indicator shows the MACD pulling much closer to the signal model and also the shorter bars on the histogram point that marketing is actually slowing down.

While encouraging, the RSI is still below the midline and also though BTC has become above the 100 MA a state of the art the pennant to flip $10.5K to support is also the next phase traders are looking for.

As stated in the earlier analysis, if the purchase price can force through $10.5K, bulls will try to exploit the VPVR gap from $10,500-1dolar1 11,000 but it is likely that the 20 MA ($10,900) will serve as opposition before moving higher toward $11,300.

While Bitcoin price tag goes on to consolidate toward a more decisive action, altcoins moved higher to evaluate crucial resistance levels which just a week prior were powerful supports.

Yearn.finance (YFI) was a premier performer, rallying 22.5 % to $38,333. Binance Coin (BNB) gained 11.30 % and Ontology ONT moved 13.19 % higher.

According to CoinMarketCap, the overall cryptocurrency market cap today stands at $334 billion and Bitcoin’s dominance index is currently at 56.8 %.