Analyst Considers Bitcoin Could Be Ready To Breakout

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Bitcoin (BTC) has been operating stably in the last months in a very tight range between $8,800 and $9,500. This shows there has been incredible stability for Bitcoin, which could end up with a massive spike in terms of volume and volatility. According to Konstantin Anissimov, the Executive Director at CEX.IO, Bitcoin could be ready to breakout. 

Could Bitcoin Breakout in the Coming Days?

The entire crypto market is experiencing mixed reactions as some altcoins continue to grow while others are stuck for months. Coins such as Crypto.com (CRO), Chainlink (LINK), Binance Coin (BNB) and Cardano (ADA), have experienced large gains in recent weeks, and they were able to surpass very large and historical cryptocurrencies (for example, Litecoin (LTC)). 

However, Bitcoin remains in a stable situation without any major movement or price action. In a recent conversation with UseTheBitcoin, Anissimov explained that from a technical perspective, Bitcoin remains flat and its price continues to compress. Furthermore, taking into consideration the Bollinger bands and their behaviour, Anissimov believes that this could be a sign of high volatility in the coming days. 

Furthermore, there are two main levels that users should take into consideration if Bitcoin starts moving. The first level is going to be on the downside and it is close to $9,000, which is currently acting as support. The second level is $9,400 and is behaving as resistance. If Bitcoin falls below the first level, we could see the digital currency move towards $7,750. However, if Bitcoin moves higher and breaks $9,400, we could see the digital currency going towards the $10,000 price level. 

On the matter, Anissimov stated:

“A break of the $9,000 support level, for instance, would likely see Bitcoin plunge towards $7,750. On the flip side, moving past the $9,400 resistance barrier could propel it towards $10,000 or higher.”

Regarding Ethereum (ETH) and the ETH/USDT trading pair, he mentioned that the last week has been very hard for the digital currency and that low-cap altcoins continue to be the rulers of the current market. 

At the moment, he considers that it will be important to follow Ethereum and whether it is able for its price to close above $250 or below $220 to understand where the market is going. This could help users have a less risky trade when handling this virtual currency. 

Via: 2Usethebitcoin.com

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