Bitcoin Price

The bitcoin prices could not break through the cup and handle formation that we had mentioned yesterday. The handle came in at the $2600 region and the prices could not break through convincingly through that region and when that happened, it was clear that the bulls would be disappointed. They did show their disappointment by pulling out of their longs and this has led to a fall in the bitcoin prices towards the $2500 region as of this writing.

Bitcoin 4H
Bitcoin 4H
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As expected, the bitcoin prices are likely to consolidate and range in the short term and the region between the $2200 and $2800 should serve as the range in the short term. Traders could use this range and can also find sub ranges within these to make sure that their trades have value. The ranging in the bitcoin prices are here to stay and it might be useful for traders to get used to range trading for the short and medium term. All said and done, the ranges in the bitcoin market are much bigger than what we see in any other market and hence would be useful and attractive enough for the traders.