Bitcoin Back to Consolidation After Spike

2018-10-18 17:10

Bitcoin is back to consolidating after a price spike on Monday. Price appreciated on Monday from around $6200 to approximately $6800 and has since retraced to about $6450. Volatility also spiked on this rise but has since started to drop as price trades relatively sideways on low volume. Yesterday’s candle priced in a doji around $6450. A doji candle is a candlestick with a small volume showing the opening being around the same as the closing. Doji candles typically are representative of some indecision in the market.

One of the reasons for this consolidation may be that Bitcoin is back trading within the triangle pattern it has been forming since January. There was a drop in price last Thursday which brought the price below the triangle pattern, but the spike on Monday brought price action back within the pattern. A close above or below the triangle pattern will be bullish or bearish respectively.

Price continues to trade at around a 5% premium on Bitfinex. The Bitfinex Bitcoin price is measured against the USD-pegged stale coin USD Tether (USDT) which has dropped to 0.96. There has been speculation that the Tether drop has been due to large-scale dumps in the Bitfinex market from whales who believe the bottom is in for Bitcoin. If this is the case, it would be a bullish sign for the long-term prospects of Bitcoin. The arrows on the below chart represent the lows formed. A price rise above the higher low formed before Thursday’s drop would also be a bullish sign for the price, but resistance would be anticipated as price approaches this point.

Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Bitcoin price action returns to consolidation after price spike on Monday Bitcoin is back trading within the triangle pattern it has been forming since January Yesterday’s candle formed a doji, showing indecision in the market Bitfinex price trades at 5% premium with USDT trading at 0.96 to the US dollar Speculation that whales have dumped USDT believing that the bottom is in for Bitcoin price 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 Back to Consolidation After Spike was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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bitcoin spike price back around monday consolidation

Источник: blokt.com

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