2019-9-3 18:08 |
Bitcoin has had a fantastic start to the new trading week and is now trading above its monthly pivot point, around the $10,650 level. More impressive still is that the Bitcoin price has completely eroded all of the losses from the bearish drop on August 28th, and is now holding above the technically important $10,280 level.
The rise has propelled Bitcoin dominance to a new two-year high. At present, BTC accounts for 70.4 percent of the total cryptocurrency market cap, according to CoinMarketCap. It has not peaked at over 70% since March 2017.
Via Coinmarketcap
Despite the increase in market capitalization dominance, the actual volume of trading that’s accounted for by Bitcoin has not significantly increased, according to data from TheTIE.io.
Nathan Batchelor on Bitcoin
Today, I would like to look at what I believe is the most important chart for Bitcoin at the moment from a technical perspective, and indeed what larger players are almost certainly looking at.
Via TradingView.
The daily time frame chart above illustrates that Bitcoin is trapped inside a huge triangle pattern, this is important because the longer the time frame, the greater the significance and potential impact when the breakout finally occurs.
We can see that Bitcoin has been playing a game of virtual ping-pong between the trendlines that make up this triangle pattern, with the latest rejection of trendline support coming just last week, when bears failed to breach the $9,300 area.
This appears to off-set the recent bear attack, causing sellers to retreat and force price back towards the upper-trendline. At current trading levels, the upper-trendline of the triangle is located around the $11,100 level, leaving bulls with a very distinct target to break as we enter into the U.S trading session.
Triangle pattern breakouts can be powerful and almost unstoppable at times, which often lead to one-way trades for several sessions. The upside projection of the triangle pattern is located around the $15,000 level, which is intriguingly almost exactly where Bitcoin’s long-term trendline is located.
* Now that upside momentum is building, it is time to start to pay more attention to the huge triangle pattern on the daily time frame. *
SENTIMENTIntraday bullish sentiment for Bitcoin is neutral, at 52.98%, according to data from TheTIE.io – while the long-term sentiment indicator is largely unchanged, at 68.40 % positive.
UPSIDE POTENTIALBitcoin’s monthly pivot point, at the $10,425 level is the immediate obstacle that bulls need to overcome for further intraday advancement towards the $10,700 to $11,000 resistance area. Once above the $11,100 level, a one-way journey to $11,700 is likely to ensue.
The RSI indicator on the daily time frame has turned bullish for the first time in nearly two-weeks, underscoring that buyers need to maintain the early week upside momentum to further encourage the much-anticipated triangle breakout.
DOWNSIDE POTENTIALThe $10,250 and $10,000 levels are the dominant forms of near-term support for Bitcoin. Losing the $10,000 level would be a major technical set-back, given the hard-fought push through that key technical area on Monday.
A slide below the $10,000 level may prompt a technical test of Bitcoin’s weekly pivot point, at $9,873. A sustained loss of the $9,700 support level and Bitcoin would struggle to come back in the short term, in my opinion.
A full version of Nathan Batchelor’s Daily Bitcoin Commentary, together with his calls, is available to SIMETRI Research subscribers earlier in the day.
The post Escaping The Bitcoin Price Triangle: BTC Dominance Highest In Over 2 Years appeared first on Crypto Briefing.
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