2018-11-12 17:54 |
There is a mixed performance from altcoins as the week starts with some performing well and others undergoing losses. Bitcoin traded relatively flat over the weekend and continued this way as Monday develops.
There was a brief drop to around $6275 yesterday, but Bitcoin recovered to close around where it opened at $6360. We are seeing similar price action today with price action trading close to where it opened despite there being movement in altcoins.
Higher lows have been forming since June, but we have also had lower highs forming. Price has traded outside of the triangle pattern which had been forming since March, but lower highs continue to form. A flatter upper trend line can be drawn to represent the trading range we have seen over the past few months.
Whether price action breaks out of this type of trading to the upside or to the downside is debatable. It is a slow start to the week so far, but as 2018 comes to its end over the next two months, there should be further indications as to which direction Bitcoin is set to move in.
Bitcoin Daily Chart – Source: Tradingview.comThe longer-term weekly chart shows the same low-activity developments as the weekly. The last three weekly candles have formed Dojis where the candle closed at the same point as for where it opened. Doji candles show some indecision in the market and this combined with the low volume being seen presents an environment where traders are unsure of what direction price is headed in next.
Bitcoin Weekly Chart – Source: Tradingview.com Key Takeaways: Mixed performances from altcoins to start the week but the market leader Bitcoin trades flat. Three Dojis have been priced in on the weekly chart for Bitcoin showing indecision in the market. Bitcoin traded out of the triangle pattern which it has been forming since March but continues to form higher lows and lower highs. 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.Mixed Markets as Bitcoin [BTC] Price Trades Flat was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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