2018-10-29 18:34 |
Price action in Bitcoin has just ended a prolonged consolidation which continued for about two weeks with price trading from around $6380 to $6480. The consolidation was preceded by a bullish movement which took place two weeks ago which many anticipated was going to be the start of an uptrend. The trading volume of last week was the lowest trading volume for any week during 2018, a sign of the low amount of trading activity which took place while the price was consolidating.
Today’s price movement has brought an end to the consolidation with a sharp move to the downside taking place over the space of two hours. Price action moved from around $6390 to an intraday low of $6210, an almost 3% decline. It has since retraced to trade around $6270. The move is not significant enough to speculate that this means a more bearish outlook for Bitcoin. The follow-up move for price action should be far more revealing. If price action manages to break below significant support around $6100 to $6000, this will give rise to a much more bearish outlook.
Bitcoin Daily Chart – Source: Tradingview.comThe hourly chart provides a closer look at the drop which occurred over the space of two hours. Price action is still trading within the triangle pattern it has been forming since March. As price action approached the lower trendline of the triangle, some support came into play.
Bitcoin Hourly Chart – Source: Tradingview.comDuring the consolidation phase, the entire cryptocurrency market cap was trading around $210 Billion. The move today dropped the market cap to approximately $203 Billion, very close to the round psychological $200 Billion number. The market cap has dropped below $200 Billion a number of times already this year.
Cryptocurrency Market Cap Key Takeaways: After two weeks of consolidation, Bitcoin price action made a bearish movement which met support at the lower trend line of the triangle pattern. Last weeks trading volume was the lowest amount of volume for the entire year. The market capitalization of the entire cryptocurrency market cap is about 1% away from the significant $200 Billion point. 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] Finally Breaks Consolidation With Bearish Movement was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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