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Bitcoin [BTC] price prediction: Prices treading on quicksand; could sink lower after a short-term rise


Bitcoin has become quite boring as it has started moving in a sideways trend, showing no signs of volatility or breakouts. The price of Bitcoin at the time of writing was $3,366, with a market cap of $59 billion.

The larger time frame for Bitcoin shows that the downtrend is still progressing and that bears are still in control. However, that might not be the case for very long, as the consolidation seen in the one-day time frame is reaching its limit as the prices are being coiled up each day.

1-day

The chart above shows a strong dominant downtrend [red line] that has been continuing since January 21, 2018, and the prices have respected this trend line multiple times over the years.

Splitting the price action within the dominant downtrend shows two major “falling wedge” patterns, which, as per the definition, is supposed to be a reversal pattern.

The prices for Bitcoin were being supported at $3,362 during late January and early February, but on February 06,…



Read Full Story : AMBCrypto

2019-02-08 13:30:23

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Written by Ambcrypto

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