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Bitcoin's Consolidation Phase Will Likely Be Followed By A Massive Price Movement
Summary: Analysts are craning to predict where Bitcoin will go after it breaks from its months-long consolidation phase in the lower $9,000 region. One metric which could help decide is a large amount of open interest contracts, which are currently at a multi-month high point one analyst noted in a tweet. The spike in options contracts ...
Analysts are craning to predict where Bitcoin will go after it breaks from its months-long consolidation phase in the lower $9,000 region.
One metric which could help decide is a large amount of open interest contracts, which are currently at a multi-month high point one analyst noted in a tweet. The spike in options contracts suggests traders are placing their bets in anticipation of a break above or below the consolidation range.
In the past, consolidation ranges that have lasted this long have been followed by big movements which are likely to set a trend for months afterward. At the time of writing Bitcoin is trading at $9,152.
By Emily Mason
Tags: Bitcoin,BTC
Link: Bitcoin's Consolidation Phase Will Likely Be Followed By A Massive Price Movement [Copy]
