2018-10-3 17:15 |
Bitcoin price action is still consolidating as volatility reaches its fourth consecutive day forming a new 2018 low. Volatility, as measured by the average true range (ATR), is currently trading at 225 which is a stark contrast to values above 2000 back in January.
Although price continues to consolidate, the small movements that are being seen are to the downside. Price action appears to be experiencing some short-term resistance at the 50 EMA and is currently trading around $6480. Price and RSI are starting to fall showing some small increases in momentum to the sellers.
The key pattern to monitor remains the triangle pattern which has been forming since January. With volatility at new lows, many traders are anticipating this pattern will soon result in a bullish or bearish breakout.
Bitcoin Triangle Pattern. Bitcoin Daily Chart – Source: Tradingview.comAnalysis of a short hourly timeframe shows that recent movements for Bitcoin have been to the downside, but there are some signs which show the short-term momentum may be shifting towards the buyers. Yesterday, the price dropped from $6575 at the hourly 50 EMA to an intraday low around $6430. Price has since risen back up to near $6500 and along with RSI also rising. The MACD has crossed its signal line to the upside, a bullish signal showing some of the momentum starting to shift towards the buyers.
The overall outlook remains neutral as the longer term timeframe could easily break out to either the upside or the downside.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Volatility forms the fourth consecutive 2018 low at 225. Bitcoin largely continues to consolidate with small movements to the downside. Short-term momentum appears to be shifting toward the downside. The outlook remains neutral. Key pattern to monitor remains the triangle pattern which has been forming since January. 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] Begins to Fall As Volatility Reaches New 2018 Low was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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