2018-10-26 17:34 |
Bitcoin seems to be in a never-ending range between $6380 and $6480. The anticipated breakout never materialized, and price action is now trading right at the point of the triangle pattern which has been forming since January. Trading volume is close to 2018 lows with markets conditions terrible for short-term traders.
Both buyers and sellers are acting cautiously. Both sides may be seeing positions as bad risk-reward tradeoffs resulting in the low levels of volume we have been seeing. From the positions of sellers, a drop in price is likely to find significant support at around the $6000 level which has held up several times this year. A drop to this support may result in a sharp reversal which brings price far above the current price. From the viewpoint of buyers, they may be concerned that another drop to support $6000 may result in a sharp decline below.
Both buyers and sellers seem to be staying on the sidelines until there is some clearer indication of what way the price will be heading. This is reflected in the RSI which is trading around 50 showing equal pressure from what buyers and sellers remain. However, this gives rise to a catch-22 where the traders awaiting further indication before participating in the market spurs further sideways trading on low volume.
Bitcoin Daily Chart – Source: Tradingview.comExchanges which are listing Bitcoin priced against USDT continue to trade at around a 2% premium with the USDT stable coin failing to stay pegged to the US Dollar. USDT currently trades at 0.977 against the US Dollar.
USDT Trades at 0.977 after crashing against USD. USDT Daily Chart – Source: Tradingview.com Key Takeaways: Bitcoin price continues to trade in a tight range between $6380 and $6480. Buyers and sellers awaiting signs before taking positions spurs on further low-volume sideways trading. Both buyers and sellers may be seeing bad risk-reward tradeoffs from the current price. Pressure from buyers and sellers is fairly equal with the RSI trading around 50. Exchanges listing Bitcoin against USDT are trading at a 2% 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.Traders Stay on the Sidelines As Bitcoins Price Stagnates was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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