Bitcoin Price Analysis: BTC Down Slightly Today, a Mixed Bag for Altcoins

2018-11-13 17:14

There have been mixed performances in the cryptocurrency market to start the week with some altcoins recording significant appreciations. The market leader Bitcoin has had a slightly bearish start to the week depreciating 0.65%.

Price action has been forming higher lows since June and this weeks drop may be pricing in another higher low. Today’s drop is so far on low volume giving further validity to the idea that price may be forming another higher low and may soon continue to appreciate soon.

The triangle pattern which has been forming since March has been broken as price continued to consolidate and failed to have a bullish or bearish breakout that many were anticipating. The consolidation has been taking place for a number of weeks now and has formed three Doji candles on the weekly chart. A Doji candle is where the open is around the same point as the close and shows some indecision in the market.

Bitcoin Weekly Chart (left) & Daily Chart (right) Source: Tradingview.com

The hourly chart shows in further detail the bearish price action Bitcoin has been experiencing. Price has been forming a series of lower lows and lower highs and met resistance at the hourly 200 EMA during its most recent rise.

Price action is currently trading close to the upper trend line which has been connecting the higher lows forming since June. The MACD is beginning to converge to the centerline, a sign of shifting momentum to the buyers. The MACD is also crossing its signal line to the upside, a bullish signal.

Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Bitcoin has had a slightly bearish start to the week despite some altcoins recording strong double-digit performances. Price action is approaching the trend line which connects the higher lows forming since June. On its most recent rise, Bitcoin experienced some resistance at the hourly 200 EMA. 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 Price Analysis: BTC Down Slightly Today, a Mixed Bag for Altcoins was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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$ 66028.73 (-0.02%)
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bitcoin mixed altcoins slightly today price market

Источник: blokt.com

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