Bitcoin: Not enough room on the upside

BTC rallies hard overnight, fails to carry forward.
Not enough room on the upsdie for BTC bulls.

Manoj B Rawal Independent Analyst

Bitcoin, the poster boy of cryptocurrencies, rallies for good overnight to give some hopes to the bulls that the black days of the past may be coming to an end finally. But bulls lack enough ammo to carry it beyond a barrier that needs for long term rallies.

BTC/USD is down 3 cents of a percent at $3,610 and trading in less than 1 percent range for the day in a low volume, lower volatile weekend trading. Volumes are a key thing when prices rally and a key thing for a resumption of bull market.

On the 720-minute chart of the largest crypto, BTC faces a barrier around $3,878 in the form of a descending trendline which won't be easy for the bulls to go past without higher volumes.

BTC/USD 720-minute chart:

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Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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