2018-11-15 16:20 |
Cryptocurrency markets underwent extremely bearish movements yesterday, as the market leader Bitcoin returned below the critical $6000 level and sharply declined from this point. Bitcoin had twice already this year traded below $6000 but both times quickly retraced back above.
Many analysts were anticipating that a sharp sell-off would follow the next break below $6000. This sell-off turned out to be the case yesterday. Bitcoin’s previous low of around $5750 was broken, and the market leader currently trades around $5400.
Bitcoin had traded within a triangle pattern for most of the year forming both lower highs and higher lows consolidating to around $6500. Many were anticipating a breakout as the triangle approached its end but price action consolidated to the end of the triangle pattern. Yesterday’s price action saw Bitcoin break the structure of higher lows and the severe sell-off followed.
Yesterday’s low was around $5280, but price closed at a higher point around $5600. Today’s price action is seeing a return to depreciation. The declines are on large volume showing significant strength behind the move. Altcoins also have suffered severe depreciations with most recording losses in the double digits.
Bitcoin Daily Chart – Source: Tradingview.comFrom this point, the outlook looks very bearish with the momentum being firmly on the side of sellers. Some significant support points to take note of are the $5000 which is a psychologically important point. $4600 and $3000 have been important points of trading activity in 2017.
Bitcoin Weekly Chart – Source: Tradingview.com Key Takeaways: Bitcoin broke its pattern of higher lows yesterday, and a severe sell-off followed with the market leader hitting lows around $5280 Sell-off is continuing today on large volume showing significant strength behind the bearish movement Key support areas to take note of are $5000, $4600, and $3000 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.Bearish Break for Bitcoin As It Hits New 2018 Lows was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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