{"id":128335,"date":"2020-12-08T02:15:00","date_gmt":"2020-12-07T23:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bulls-eye-the-19-5k-resistance-but-low-volume-keeps-bitcoin-price-sideways\/"},"modified":"2020-12-08T02:15:00","modified_gmt":"2020-12-07T23:15:00","slug":"bulls-eye-the-19-5k-resistance-but-low-volume-keeps-bitcoin-price-sideways","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bulls-eye-the-19-5k-resistance-but-low-volume-keeps-bitcoin-price-sideways\/","title":{"rendered":"# Bulls eye the $19.5K resistance but low volume keeps Bitcoin price sideways"},"content":{"rendered":"

“# Bulls eye the $19.5K resistance but low volume keeps Bitcoin price sideways <\/strong>”<\/p>\n

As mentioned by Cointelegraph contributor Rakesh Upadhyay, Bitcoin price spent the weekend consolidating within a bull pennant and the breakout to $19,418 was quickly stamped out by overhead resistance. <\/p>\n

After retouching the pennant trendline, the price gave way, falling below the 20-MA on the 4-hour time frame and briefly losing the $19,000 mark.<\/p>\n

Crypto market daily price chart. Source: <\/em>Coin360<\/em><\/a><\/figcaption><\/figure>\n

General<\/a>ly, most traders seem to agree that after a raging 93% rally from $10,300 to $19,888, a period of consolidation is necessary. Cointelegraph analyst Micheal van de Poppe said<\/a>: <\/p>\n

\u201cOn the higher timeframe, Bitcoin is still acting as it was last week. We are still acting in the all-time high resistance zone. I still have my eyes on $16K, which we bounced from, and $14K as these areas still could be retested as support. Holding $19K is important and if we have a daily close below $18.9K I think we\u2019ll fall through.\u201d <\/p><\/blockquote>\n

On the daily and 4-hour timeframe traders will note that the price is still notching lower highs and higher lows, a sign that the price range is beginning to narrow. <\/p>\n

BTC\/USDT 4-hour chart. Source: <\/em>TradingView<\/em><\/a><\/figcaption><\/figure>\n

Currently the price is still holding within the pennant trendline as support but a breakthrough the structure will require a high volume move as there is persistent overhead resistance at $19,500.<\/p>\n

As mentioned in previous analysis, a drop below the $18,800 level will see BTC search for support at $17,900, and below that the $16,000 to $15,750 range. <\/p>\n

For the short term, risk-averse traders are likely to keep a close eye on the 4-hour chart to see if the price can again find support above the 20-MA in order to burst through the pennant. It is imporant to note that this move will require signifanct volume to avoid rejection in the $19,400-$19,500 resistance zone. <\/p>\n

Bitcoin daily price chart. Source: <\/em>Coin360<\/em><\/a><\/figcaption><\/figure>\n

Typically, during Bitcoin\u2019s consolidation phases altcoins pump higher but that has not been the case this time. <\/p>\n

While a selection of DeFi tokens and other obscure altcoins have moved higher, the majority of the top-20 coins are in the red today. <\/p>\n

This is possibly due to the fact that investors are reluctant to shift funds into altcoins while the Bitcoin price is in such an indecisive position. <\/p>\n

Experienced crypto investors know that a strong bullish breakout from BTC could result in altcoin-to-BTC pairs being crushed, whereas a bearish breakdown in BTC price tends to result in BTC and USD altcoin pairs receiving an equally catastrophic pummeling. <\/p>\n

A few standouts of the day are, AAVE with a 8.54% gain, Monero (XMR) which moved 5.19% higher and Waves (WAVES) which has rallied 6.23%. <\/p>\n

According to CoinMarketCap<\/a>, the overall cryptocurrency market cap now stands at $566.5 billion and Bitcoin\u2019s dominance index<\/a> currently at 62.6%. <\/p>\n