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Bitcoin Bullish With a Higher Low in Price Formed

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The descending triangle pattern remains the dominant discussion point among traders in Bitcoin. It is an important pattern and could be the key to whether this bear market continues for a prolonged period of time or whether a sharp break up occurs.

There is also a third consideration that not many are considering. The third outcome is the possibility that Bitcoin continues to trade in a consolidated range as it has been now until the pattern falls through and then continues to trade sideways after. Average daily volume is decreasing which makes this third scenario more likely.

There are some bullish signs also with the MACD converging towards the centerline showing increasing momentum to buyers. Price and RSI are also forming higher highs and higher lows, the sign of an uptrend.

Bitcoin Daily Chart – Source Tradingview.com

The hourly shows price action experiencing some resistance at the 200 EMA. Price is currently trading on low volume above the $6500 mark. The hourly MACD has crossed its signal line to the upside, a bullish signal. Although Bitcoin has been trading sideways mostly today on low volume, other cryptocurrencies in the altcoin market have been recording strong performances.

It is mixed with some losing also, but there are more gainers than losers. This can be seen by the Bitcoin Dominance percentage dropping to 51.8%. There have been some big winners over the past 24 hours with over 20% appreciations. The hard fork of Bitcoin, Bitcoin Cash, has recorded a 21% gain over the past 24 hours at the time of writing. Many label the project a scam. The outlook for Bitcoin is neutral. The descending triangle remains the key pattern to monitor for traders.

Bitcoin Hourly Chart – Source: Tradingview.com

Key Takeaways:

  • Descending triangle remains a key pattern; three scenarios could play out.
  • Some bullish signs on the daily with price and RSI forming higher highs and higher lows.
  • MACD crossed the signal line to the upside on the hourly.

Bitcoin Bullish With a Higher Low in Price Formed was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.