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

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

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

At the time of composing the day chart reveals the top-ranked digital advantage tightening into a pennant and since building a double bottom at $9,838, BTC has etched a pattern of higher lows which have finally pinched the price into a tighter range.

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

While encouraging, the RSI continues to be beneath the midline as well as though BTC has become above the 100-MA a breakthrough the pennant to flip $10.5K to support is also the next phase traders are actually searching for.

As mentioned in the prior analysis, if the price can push through $10.5K, bulls will attempt to exploit the VPVR gap offered by $10,500 1dolar1 11,000 though it is likely that the 20 MA ($10,900) will act as opposition before moving better toward $11,300.

While Bitcoin price tag goes on to consolidate toward a far more decisive move, altcoins moved higher to evaluate crucial resistance levels which only a week prior were effective supports.

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

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