Bitcoin (BTC) price appears to be gearing up for another shot at the $11K mark but traders shouldn’t get overly excited as resistance in the $11,000-$11,200 zone and at $11,389 have kept the price from moving higher for the last few weeks.
Currently the Crypto Fear & Greed Index registers 49 which shows crypto investors feel neutral about the current state of the market. While it’s difficult to gauge the accuracy of the indicator, Bitcoin price and volume have been relatively flat as the price is basically pinned between $9,900-$11,200.
As the daily chart shows, since Sept. 18 Bitcoin price has bounced between the trendlines of the symmetrical triangle and if the compression continues investors will start to look for a decisive move to occur in the coming week.
In the event that the price drops from the symmetrical triangle the volume profile visible range (VPVR) shows buying interest from $9,950 to $9,200 and looking back to Sept. 3 through Sept. 10 bulls consistently purchased dips below $10,000.
As mentioned in a previous analysis, for the moment it seems that traders are waiting on Bitcoin price to make a stronger move above $11,500 or below $9,800 before becoming more engaged with the market.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $346.5 billion and Bitcoin’s dominance index is currently at 57.6%.
[image:pixabay]
