Trader outlines range of consolidation ahead of further Bitcoin rally

Dmitry Perepelkin, an analyst at the Bitsgap platform, explains the current market situation.

The long-awaited breakout above the $10,000 level has occurred. The price continues its confident upward movement within the channel displayed in the chart below.

Four-hour chart BTC/USDT on Binance from TradingView

Bitcoin is trading above the exponential moving averages (EMAs) with periods of 50 and 200. This confirms the strength of the uptrend.

Bitcoin formed a new higher high at $12,000, from which the price has already pulled back. After such rapid ascent, a consolidation within the range of $10,400 to $12,000 is likely.

Another interesting instrument for our attention is the BNB/USDT pair. The Binance token rapidly broke out of its ascending channel, piercing its upper boundary. The coin is already trading within the support level at $21.65 and resistance at $23.2. Historically, this range has been a trading corridor. Therefore, a consolidation within the corresponding price levels can be expected.

Four-hour chart BNB/USDT on Binance from TradingView

ZRX/USDT continues to hold positions, as evidenced by the price rebound from the support zone around $0.38-$0.39. The coin has been in a prolonged consolidation phase.

Four-hour chart ZRX/USDT on Binance from TradingView

Ethereum/USD is climbing, as Ethereum rapidly breached the $250 resistance level. Since then the asset has risen by 60%.

Daily chart ETH/USD on Coinbase from TradingView

ETH/USD is currently trading between support at $364 and resistance at $420—a good range for forming a consolidation zone.

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