Bitcoin price analysis: BTC/USD sidelined; getting ready for Consensus conference
|- BTC/USD is consolidating in a tight range amid lack of triggers.
- Tom Lee believes, that Consensus will create a good bullish momentum.
The intraday BTC/USD picture looks uninspiring as of yet, as the price is locked in a range limited by $9,200 on the downside and $9,400 on the upside. Numerous attempts at both sides failed to yield to a substantial breakthrough so far, but some experts expect to see BTC at $10,000 and higher as early as next week.
A major cryptocurrency conference hosted by CoinDesk will take place in New York next. Tom Lee of Fundstrat Global Advisors sees it as a good reason to bet on BTC stellar performance
“We expect the Consensus rally to be even larger than past years,” the head of research said in a note to clients, referring to the Manhattan conference gathering for its fourth year. The event may draw more than 7,000 people, a surge from roughly 2,750 a year ago, Lee said. Last time, when new attendance doubled, Bitcoin rose 69 percent during the conference and 138 percent in the two months afterward, he said.
Bitcoin technical picture
The hourly chart shows that both 200 and 50-SMA are clustered at $9,400, which proves the point that this is a major resistance. Once it is broken, the upside may be extended towards $9,584 (100-SMA). On the downside, the support comes at $9,200 (lower band of Andrew's pitchfork), followed by $9,000.
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