2018-10-30 17:19 |
Bitcoin ended two weeks of low-volume consolidated trading yesterday when it dropped approximately 3% over the space of two hours. It has since returned to trading sideways on low volume, with a Doji candle being priced in today. A Doji candle is a candlestick where the open and close of the candle are around the same point reflecting indecision in the market. The volume has also dropped back down trading far below the 20-period moving average volume.
The volume for last week was the lowest we have seen this year so far. Bitcoin still trades in the triangle pattern which has been forming since January so traders may be not taking trades and seeing how this pattern is going to end.
The drop yesterday resulted in altcoins dropping further than Bitcoin. This has brought Bitcoin’s percentage of the cryptocurrency market capitalization up to 54.1%. This is a significant difference from the start of the year where Bitcoin represented around 32% of the market cap. The total cryptocurrency market cap is now $203 Billion.
Bitcoin Daily Chart – Source: Tradingview.comOn the shorter timeframe, we can see that price action has reentered a tight range between $6230 and $6290. The next significant move will be important for the future direction of Bitcoin. If the next move is bearish, price action would be anticipated to meet key support at $6000 to $6100. After meeting this support a number of times already this year, another drop is more likely to break through than the previous occasions.
Bitcoin Hourly Chart – Source: Tradingview.comThe exchanges which price Bitcoin against USD Tether (USDT) still trade at a premium after USDT’s drop against the USD. USDT dropped to around 0.85 against the USD two weeks ago but has since recovered close to 0.99.
USDT against the USD. USDT Chart – Source: Tradingview.com Key Takeaways: Bitcoin returns to trading in a range after yesterdays sharp drop. Bitcoins dominance has increased to above 54% after altcoins have underperformed this year. Exchanges pricing Bitcoin against USDT continue to trade at a premium. 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 Trading on Low Volume After Bearish Drop was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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