Technical Analysis: Bitcoin grinds 4% higher
|- Into the NY market close Bitcoin edges to the highs
- Market has been grinding higher all session
- 10,840.29 remains the high of the session
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The price action in Bitcoin has been positive but slow today. It seems the market sentiment is still running of Friday's Bakkt headline. Nevertheless, the day looks set to end with a 4% price rise. On the 10 minute price chart I have highlighted where the major levels for the session are and when the main bouts of volume kicked in.
At 7 am on the chart there was a some heavy volume on the buy-side which took the price through 10,500.00. Once the market moved higher there was a strong consolidation range between 10,635.00 and 10,840.29 marked by the arrow.
On the daily chart, the next wave high target is at 12,230.40 which could be the next target. Elsewhere in the crypto space, Ethereum is flirting with the 200.00 area after rising 2.45%.
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