2018-10-5 16:14 |
The triangle pattern which Bitcoin has been forming since January is approaching its end. Traders seem unsure of how the pattern is going to play out. This week has seen the price of Bitcoin consolidate with the volatility in the price of Bitcoin reaching consecutive lows for 2018.
With many traders unsure of how the triangle will play out, the RSI has also been consolidating and trading around 50 representing an even pressure from buyers and sellers. Volatility, as measured by average true range (ATR) is trading around 215. The 50 EMA appears to be providing some resistance but is unlikely to hold if there is an influx of buyers.
We are now in Q4 of 2018. How this triangle pattern plays out may set the sentiment for the rest of the year. If a bearish breakout occurs, many are anticipating a return to sub-$6k levels and a sharp drop below. If a bullish breakout occurs, the triangle pattern which has been forming since January will likely be broken, and the chances of a longer-term uptrend will be greatly improved.
Bitcoin Daily Chart – Source: Tradingview.comPrice has also been trading within a tight range on the shorter-term time frames. Price is currently trading around $6580 which is also around the 50 and 200 EMA. Short-term momentum seems to be shifting more towards the sellers with lower highs being formed and the MACD approaching a centerline crossover to the downside, a bearish signal. Volume has also been minuscule, representative of the overall consolidation we have been seeing.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Bitcoin continues to consolidate as it approaches the end of the triangle pattern which has been forming since January. A bullish or bearish breakout now is likely to set the sentiment for the rest of the year. Short-term momentum seems to be shifting towards the sellers. 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.A Week of Consolidation for Bitcoin was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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