Bloodbath in Store for Bitcoin Price As Descending Triangle Approaches End?

2018-10-2 17:39

The volatility of Bitcoin continues to drop to new lows for 2018 as Average True Range (ATR) reaches the 228 value. Bitcoin is currently trading around $6575 at the time of writing with the descending triangle pattern which has been forming since January nearing its end.

Many are seeing the low volatility and consolidation as a sign that price is bound to undergo either a bullish or a bearish breakout. A bullish breakout would see the price rise above the downward trendline of the triangle and significantly close above. In this scenario, resistance would be expected at the $6850 mark. The higher lows that have been forming with price action would support this outlook

In the event of a move downward, the price would fall back to sub-$6k mark and fall sharply below. Price has been at sub-$6k levels a number of times already this year, but many analysts believe a return to these levels will result in much more of a bloodbath for prices.

There is also the possibility that price could continue to consolidate. This scenario would be supported by ATR reaching lows of 2018 along with the consolidation we are seeing in RSI. MACD is also trading flat, and trading volume is significantly below 20-period average daily volume. Both these factors also represent a consolidating market trading in a tight range. It is not an ideal market for traders to take positions and many are waiting to see whether price action breaks to the upside or the downside which leads even further to the flat trading. The outlook is currently neutral. A close above $6850 makes it far more likely we are to see a bullish breakout while a close below $6250 makes the bearish scenario much more likely.

Bitcoin Descending Triangle Pattern with MACD, RSI, & ATR indicators. Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Three potential scenarios which could play out in Bitcoin. A bullish, a bearish, or a further consolidation. Volatility as measured by ATR at 2018 lows. Further consolidation with MACD trading flat, RSI trading in a symmetric triangle, and trading volume significantly below 20-period average daily volume. 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.

Bloodbath in Store for Bitcoin Price As Descending Triangle Approaches End? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69772.06 (+0.30%)
Объем 24H $31.535b
Изменеия 24h: -0.29 %, 7d: 5.17 %
Cегодня L: $69032.17 - H: $69779.84
Капитализация $1374.653b Rank 1
Цена в час новости $ 6551.32 (965.01%)

bitcoin descending triangle bloodbath volatility approaches store

Источник: blokt.com

bitcoin descending → Результатов: 51


Bitcoin’s descending channel highlights possible return of the bulls

The volatility and unpredictable nature of cryptocurrencies is one of the most sought after, but equally frowned upon characteristics of the crypto-market. On a good day, investors can yield up to 50 percent in profits on their crypto-investments, whereas on a bad evening, there is a chance their positions could lose all their value.

2019-10-5 20:30


Фото:

Bitcoin Price Analysis: Potential Reaccumulation Could Test Bear Trend

Last week, after a devastating move that shook the market violently up and down for a 7% move in just a few short minutes, bitcoin saw a major sign of strength as it proceeded to have a slow, but steady markup where it managed to establish a local high in the $6,800s:Figure 1: BTC-USD, Hourly Candles, Shakeout Prior to MarkupThis shakeout forced the market to temporarily establish a new monthly low in what could be argued to be a stop-hunt prior to the move to the $6,800s.

2018-9-24 21:29


Фото:

Markets Update: BTC Tests Major Descending Trendline

The BTC markets are testing a key resistance area, with price action appearing to be making a third point of contact with a major descending trendline dating back to December 2017. Also Read: Japan Roundup: No Excessive Crypto Regulation, Quoine Launches New Platform  BTC On Cusp of Testing Major Trendline The BTC markets appear on the […] The post Markets Update: BTC Tests Major Descending Trendline appeared first on Bitcoin News.

2018-8-27 03:45


дальше еще 2 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

SOL Price Breaks $150 – Why Solana Could Soon Test $180

Solana is gaining bullish momentum above $150. SOL price is showing positive signs, and it could even surpass the $162 resistance in the near term. SOL price started a fresh increase from the $138 support against the US Dollar.