2018-9-24 16:57 |
Price action for Bitcoin recorded a bullish week last week as the price rose from lows near $6100 to highs near $6850. Price approached the descending triangle pattern which has been forming since January last Friday and has been retracing back down since. Price is currently trading around $6600.
It is currently recording its third consecutive daily decline. The declines have been on low volume which may indicate price is going to rise back up but it is going to be questionable whether it can break the downward trend line of the descending triangle pattern to the upside. The RSI is still forming higher highs and higher lows which is a bullish sign showing an increase in buying pressure. Price is currently trading below the daily 50 EMA.
Price Respects Descending Triangle Pattern for the Seventh Time. Bitcoin Daily Chart – Source: Tradingview.com$6750 to $6850 have been areas of liquidity and resistance for a long time in Bitcoins price action. The hourly details price action experiencing resistance at these points and only briefly rising near $6850. Price action is now trading tightly between the hourly 200 EMA and 100 EMA.
The outlook is currently neutral. The shorter-term view from the hourly chart looks bearish while the longer term view from the daily chart looks bullish. While the longer time frame holds more importance as it is taking signals from longer timeframes, the descending triangle is still to the key pattern to monitor and leads us to our outlook of neutral. A break and close above the descending triangle pattern of Bitcoin would be a very bullish signal.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Descending triangle respected for the seventh time. Last week was bullish, but a turnaround has been occurring over the weekend and today. Longer timeframe looks bullish, but descending triangle pattern is key to monitor and could result in very bearish movements. 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 [BTC] Price Back to Bearish After Approaching Descending Triangle was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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