The lateral phase continues, which for me is an accumulation phase. Bitcoin fell as low as 32,280 on Friday and it looked like a drop below 32k was on the way. However, this did not happen and the weaker US dollar may have helped the leading cryptocurrency rebound in the closing of the broader US market. Saturday saw further price consolidation in a tight range between 33,000 and 34,250, with something similar on Sunday following an initial dip to test 33k. Today it rebounded a little bit more, reaching 34,666 a little earlier. Again, and by recent standards, price volatility and elasticity is simply not there at the moment. So, as was evident last week, these daily ranges have continued to contract and this could be what happens this week as well. Of course, this is now guaranteed, but as things stand now, it seems more than likely. Bitcoin is now trading at 34,250.

graphic from tredingview.com

Here are the levels for intraday trading of BTCUSDT and ETHUSDT:

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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHERWISE ADVICE.

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