Btc has been in a consolidation zone since early September, currently the longest consolidation time between price swings all year. this could be a great sign for bitcoins health, added, over the counter trades have met an all time high, which indicates institutional investing HAS been getting involved all year, we’re not seeing price fluctuations due to the avoidance of buying on exchanges.
This consolidation period has also contracted in price compared to the last few consolidation zones. Since early September we have bounced between 6094-8026. This is currently 30% less fluctuation in price since both previous consolidation zones. Btc hasn’t breached the 6,000 level since mid august
With the support we’ve seen around the 6,000 level I will be focused on a push through 6500 and find resistance around 6,600. If we can hold 6,550+ as support I believe it’ll be a great sign for another re-attempt of 6,800-6,900 resistance.
Look for short positions on the decline over the next 48 hours, if so, positive bullish indicator for early next week. Short positions have not re-attempted all time highs which is also a great sign for long term health of btc. If shorts push through the 36k level on my short/long indicator we may see another rejection pushing down to 6,000 price level.
The chart was done on bitstamp, I trade on binance. the current price is recorded from binance.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading
Btc current price 6,356
Completed 8:36pm Los Angeles
This consolidation period has also contracted in price compared to the last few consolidation zones. Since early September we have bounced between 6094-8026. This is currently 30% less fluctuation in price since both previous consolidation zones. Btc hasn’t breached the 6,000 level since mid august
With the support we’ve seen around the 6,000 level I will be focused on a push through 6500 and find resistance around 6,600. If we can hold 6,550+ as support I believe it’ll be a great sign for another re-attempt of 6,800-6,900 resistance.
Look for short positions on the decline over the next 48 hours, if so, positive bullish indicator for early next week. Short positions have not re-attempted all time highs which is also a great sign for long term health of btc. If shorts push through the 36k level on my short/long indicator we may see another rejection pushing down to 6,000 price level.
The chart was done on bitstamp, I trade on binance. the current price is recorded from binance.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading
Btc current price 6,356
Completed 8:36pm Los Angeles