Bitcoin and Altcoins Range-Bound on TradingView: Waiting for Breakout Amid ETF Decision Delay

Bitcoin and Altcoins Range-Bound on TradingView: Waiting for Breakout Amid ETF Decision Delay

Crypto News – After the delay in the Bitcoin ETF decision on August 11th, the price action of BTC appears to be stuck in a lackluster pattern that is likely to persist throughout the weekend.

Bitcoin’s ongoing consolidation within a narrow range continues to baffle investors, offering no clear indications of an imminent breakout direction. Historically, extended periods of consolidation often precede robust breakouts. As such, traders should remain vigilant, poised to seize opportunities once a breakout materializes.

One slight positive aspect favoring the bullish sentiment is the resilience demonstrated by the bulls in retaining a substantial portion of the gains achieved in 2023. This suggests a lack of haste among the bullish camp to secure profits, reflecting an anticipation of the upward trend resuming.

Eric Balchunas, a senior exchange-traded fund (ETF) analyst at Bloomberg, pointed out that 15 of the highest-performing equity ETFs in 2023 have been associated with the cryptocurrency sector, with exposure to both crypto assets and blockchain technology.

Amidst this backdrop, it’s worth exploring whether Bitcoin and selected alternative coins exhibit any signs hinting at potential breakouts from their respective consolidation phases.

Bitcoin Price Analysis

Despite the bulls managing to breach the $29,960 50-day simple moving average (SMA) on August 8th and 9th, they struggled to sustain those higher levels. This indicates that selling pressure from bears might be active during rallies.

The trading range of the BTC/USDT pair has further narrowed, oscillating between $28,585 and $30,350. Both moving averages have flattened, while the relative strength index (RSI) hovers around the midpoint. These factors collectively suggest that the consolidation phase could extend for a bit longer.

Predicting the breakout direction becomes challenging during such range-bound periods. Nonetheless, traders should remain prepared for a potential trending move on the horizon.

In the event of a price plunge below $28,585, the pair might decline to $26,000, followed by $24,800. Conversely, breaching and closing above $30,350 could propel the pair towards $32,400, potentially marking the final obstacle before reaching $40,000.