2018-10-8 17:29 |
Bitcoin continues to consolidate as October progresses. Price action is trading around the end of the triangle pattern which has been forming since January. In previous articles, we outlined three potential scenarios which could play out. Many traders were anticipating a bullish or bearish breakout but not many considered a continued consolidation as the pattern breaks down.
The scenario of a continued consolidation is becoming more likely the longer we fail to see a breakout. It looked as if we were going to see a bullish breakout briefly on Friday as price action traded up to $6750 outside of the triangle pattern but retraced afterward failing to close outside of the triangle. Since this, volatility has continued to record 2018 lows as measured by the average true range (ATR). It is currently trading around 200.
Bitcoin Daily Chart – Source: Tradingview.comThe last few hours have seen an appreciation for price action outside of the triangle pattern but whether it can close above remains to be seen. Over the course of a few hours, the price rose around $6600 to $6720, an around 2% gain. It has since retraced to around $6650. Short-term momentum remains with the buyers as the MACD continues to diverge to the upside.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Triangle pattern which has been forming since January approaching its end. Short term momentum with the buyers after 2% rise and MACD continuing to diverge. Volatility at 2018 lows recording an ATR of 200. 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.Traders Remain Unsure of Bitcoin Direction As Volatility Hits 2018 Low was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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