Bitcoin Price Testing Traders’ Patience
Bitcoin price keeps simmering below $600. Perhaps ominously so. Direction is uncertain and the advice to traders remains the same: rather than anticipate the move, let the market show the way. The uptrend has steadily lost momentum and trajectory since the beginning of June. Downside. From a bearish perspective the price action can be interpreted as a rounded top. The outlook would be for price to perhaps attempt $600 again, and then sell-off in a bout of profit taking. Although such a sell-off could draw price back below $500, a strong bounce from the low can be expected, since the....
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The choppiness in the Bitcoin market is testing the patience and the wit of the trading community. While many traders are still hopeful of Bitcoin reaching $245, fears are beginning to gain ground that this choppiness is unhealthy and may derail the ongoing bullish attempt. Yesterday, as Bitcoin struggled to safeguard the accumulated gains, the price dropped to $235 in quick time. Even now, Bitcoin is trading lower at $237.60. In yesterday's price analysis Sluggish on the Upside, we discussed how the technical indications had improved substantially for the cryptocurrency, and today, we....
The Bitcoin price has barely moved a few hundred dollars since late last week, but a vital metric hints at another aggressive move. In the meantime, the cryptocurrency is likely to keep trading sideways until another liquidation event flips momentum into a specific direction. Related Reading: JP Morgan Explains Why Bitcoin Price May Not Fall Further As of this writing, Bitcoin trades at $26,100 with sideways movement in the last 24 hours. In the previous seven days, BTC recorded similar price action while other tokens in the top 10 moved in tandem except for Binance Coin (BNB) and Solana....
An absolute calm has engulfed Dogecoin as the price remains trapped in a tight range of 50.8-51.9 satoshis. The market is severely testing the patience of the short-term traders, who now fear that a surprise breakout could trigger huge losses. The market may be waiting for a trigger to break free but until that happens, it would only be wise to trade the range with minimum quantities. Dogecoin price chart, Dogecoin analysis. Nothing much has changed in the past 24 hours in terms of price (the current value of each Dogecoin is 51.1 satoshis) but the chart structure has definitely....
Not saying that the US election results could impact an independent market like Bitcoin, one can still see digital currency traders mirroring stock market traders’ cautious take. Traders might want to take a break as the race for next presidential election gets tighter with each passing day. The world’s leading markets, namely S&P 500 (-2%), Dow Jones (-1.5%), Nasdaq Composite (-2.8%), have encountered a short burst of volatility, illustrating how speculators are giving too much weightage to pre-poll readings. These are, however, just cautious parameters amid uncertain....