Why Bitcoin May Be On The Verge Of A Powerful Move
After its powerful surge in late-2017 and stunning plunge in early-2018, Bitcoin’s volatility has died down significantly as it settles into a narrowing range just above its key $6,000 support level. This narrowing pattern appears to be a descending triangle, which has very bearish implications if the cryptocurrency breaks below the key $6,000 support level in a convincing manner with high volume. A decisive break to the upside, however, would increase the probability of further bullish action. Either way, when a market narrows to a fine point like Bitcoin is, it typically indicates that a volatile move is likely ahead upon a final breakout or breakdown.
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The weekly Bitcoin chart puts this descending triangle pattern into perspective a bit better:
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Bitcoin volatility is at unusually low levels according to Bollinger BandWidth (a volatility indicator), which means that there is a high probability of a strong move soon:
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I will be watching closely for a breakout or breakdown to confirm this descending triangle pattern.
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Sadly bitcoin is suffering with the fate of all its uglier brethren. Until the issuing of more and more cryptos stops and a structure for legitimacy is established I don't see any major recovery for cryptos. Those playing this market must make some barrier to entry. Gee, at this rate everyone should make their own crypto currency just for the hell of it. Businesses are already moving that direction much like every business trying to have their own credit card in the last decade.
Ahh, #Bitcoin. I remember when it was almost $20k. Should have sold when I could have.
Well if you're still up you still can. I think bitcoin will survive after something terrible happens to another currency that prevents others from spewing new coins out like a broken slot machine. Of course, that will make all coins drop again. But as they say, it is darkest before the dawn.