Bitcoin trend has temporarily entered a period of consolidation with reduced volume, and 10500~11300 may become the upper and lower edges of the consolidation zone with a high probability

According to OKEx spot, BTC is currently trading at $11,060.8 (-0.82%), while OKB is currently trading at $5.86 (-2.05%).

After several days of continuous volume growth, BTC finally encountered resistance near $11,000. Yesterday, the trend fell back to above $10,500 and stabilized, but the subsequent rebound was under pressure at $11,200, which means that this round of rise has come to an end and the trend has entered a rest period. OKEx analyst Neo believes that the rise was very powerful after breaking through the key $10,500 point, but a wave of gains close to $1,000 needs time to digest, and there must be a lot of short-term funds that will make profit-taking operations. Therefore, when the trend encounters strong resistance near $11,400, it is the right time to leave. However, the retracement and stabilization above $10,500 means that bullish sentiment has been formed and there has been no large-scale selling. On the other hand, it also confirms the effectiveness of breaking through the consolidation range to a certain extent. With the trading volume closing at a low level, the trend is likely to continue to maintain a narrow range of fluctuations for several days. The main force and retail investors need to clean up their chips and frequently change hands at this stage. When the bullish trading volume is rapidly enlarged again, the next round of gains will begin. In the short term, investors should pay close attention to the effectiveness of the support of $10,500. If three consecutive pullbacks are supported by this area, it can be confirmed with a high probability that the current stage is a consolidation center in the upward trend rather than a top. Falling below 10,500 and falling back to the previous consolidation zone will be an extremely low probability event.

ETH continues to consolidate in a narrow range. The support near $305 is proven to be effective at this stage. However, due to the fierce rise in the previous period, the consolidation period may be longer than BTC. Therefore, as long as the trend continues to stabilize above $300, the probability of continuing to test upward and breaking through the high point of $335 is very high. On the contrary, falling below the 300 mark may mean the start of a deep correction. XRP rose again against the trend and became one of the few mainstream currencies that rose yesterday. The bulls once pushed the price of the currency to a high point since March. It is expected to test the resistance near $0.2470. Given the characteristics of XRP, once other mainstream currencies start to rise, XRP may fall into weakness again with a high probability, but there is still room for upward movement before that.