2018-9-21 17:15 |
For much of yesterday, the price of Bitcoin was trading in a range near $6300. However, this broke into a crash with price quickly dropping to $6100 over the space of an hour and subsequently bounding back up to trade near intraday highs of $6550.
Yesterday’s lows of $6100 were too low a valuation for traders with price quickly bouncing back up. Similarly, yesterday’s highs near $6550 were too high, and price retraced back near $6400. Price is currently trading above $6400. Traders who had buy orders far down the order book near support at $6100 would have profited from this crash and bounce.
Intraday Crash & Bounce as Seen on Bitcoin Hourly Chart – Source: Tradingview.comThe daily candle today is currently recording it’s third consecutive gain. Today’s trading has been on low volume as traders and investors factor in yesterdays big movements. Price action has formed a higher low, and RSI also looks to be forming higher highs and higher lows indicating that buying pressure is increasing.
The descending triangle pattern is still in play which has been forming since January. This is an extremely bearish pattern and would be expected to provide significant resistance around $6800. Although some factors are looking bullish such as the higher highs and higher lows, traders should be cautious given yesterdays sharp drop and the descending triangle pattern. The outlook is currently neutral.
Bitcoin Daily Chart – Source: Tradingview.com Key Takeaways: Sharp drop yesterday to support at $6100 followed by a quick rise to intraday high near $6550. Price and RSI are forming higher highs and higher lows on daily. Descending triangle pattern still in play from January. 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.Intraday Crash & Bounce for Bitcoin [BTC] Price was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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