2018-10-31 17:24 |
Since Mondays 3% drop, Bitcoin has started to trade in a range once again. Prior to Monday’s drop, Bitcoin traded a tight range for around two weeks with low amounts of trading volume. The trading volume over the past two days have also been low and current price action is looking very similar to the price action prior to Monday’s drop.
Bitcoin continues to trade in the triangle pattern which has been forming since January, and the low volume could be the result of uncertainty from traders as to which way the triangle pattern will play out. In the event of a drop from here, some support would be expected from buyers around $6000 to $6100.
Bitcoin Daily Chart – Source: Tradingview.comWhile price trades in a range, there will be not much opportunity for traders to capitalize on price movements. This is likely factoring into the low volume trading we are seeing, and many traders may be waiting for price action to break either significantly to the upside or the downside before taking positions. Since the drop, RSI has begun to move back towards the 50 marks showing a relatively equal pressure from the buyers and sellers that remain.
Bitcoin Hourly Chart – Source: Tradingview.comThe drop on Monday resulted in altcoins losing even more value in relation to Bitcoin. The total market cap for cryptocurrencies is now $202 Billion and Bitcoin represents 54.2%. The movements of Bitcoin now hold a huge significance on the overall market. Whatever way Bitcoin exits this range that it is forming is likely to be followed by altcoins.
Bitcoins Percentage of Market Cap Key Takeaways: Bitcoin is back trading in a range which is very similar to the price action prior to Monday’s drop. Volume is low with many traders not participating in the price action. Trading conditions are not ideal for those looking to speculate on price movements, and many may be waiting for Bitcoin to exit the range it is currently forming. Bitcoins dominance is now 54.2%, and its movements are likely to have a significant impact on the direction of the altcoin market. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin [BTC] Continues to Trade in Range Since Monday’s Drop was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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