Bitcoin Maintaining a Steady Range, Time to Make it or Break it
Bitcoin has been maintaining its stance above $6,300 for the past 5 days and keeping well above $5,000 since October 2017. So, in which is direction Bitcoin price gonna move next?
Bitcoin holding the fort above $6,300
The world’s leading cryptocurrency has been managing to stay well above the $6k psychological level for the past 6 days. Just after dropping below the $6,000 level, bitcoin has been on a constant upward and downward movement while keeping up with almost the $6,300 mark. Today, its lowest range till now has been at $6,380 while going up to the $6,520. At press time, it has been trading at $6,460 while having a significant dip in its daily trading volume at $3.5 billion.
Mati Greenspan, a senior analyst at eToro, shared a facet of Bitcoin price stating:
“Bitcoin has been in a steady range for the past 6 months.”
He further adds,
“A stable price is necessary to maintain a store of value & we’re on the right track.”
Bitcoin has been managing to stay above the $5,500 range. In October 2017, that was the last time Bitcoin has been below this level. Greenspan’s Tweet read:
Bitcoin has been in a steady range for the past 6 months.
In this graph, we can see buyers stepping in above $5000 a coin.
The 200-day moving average (blue) is providing resistance on the top.A stable price is necessary to maintain a store of value & we’re on the right track. pic.twitter.com/cX8EUKDE7x
— Mati Greenspan (@MatiGreenspan) August 20, 2018
Also, read: Bitcoin Outdoing Gold, Acclaimed Economist Says BTC Possesses More Utility
What do the bulls say? will they charge?
If the range gets broken, as stated by this crypto enthusiast, “If price breaks and holds below the yellow line, that will translate to a horrible Loss of Value.”
Given the way Bitcoin ETF rejection got the bears in action, investors are fearful of this range getting broke down as commented by CryptoReigner,
“I fear the SEC can easily take out that line with another timed ETF FUD just like the took out $6800 SUPPORT in the first attempt like a cakewalk.”
Also, this can further bring out the bulls back in the town as stated by another crypto enthusiast, “A descending triangle can also form a bullish reversal.”
Greenspan also shared another Tweet where he talks about how not just crypto market but fiat currencies, stock and commodity market also shared a dip.
This chart summarizes what I’ve been writing about for the last week. A rare and unique correlation between the Turkish Lira, the stock markets, commodities, and cryptocurrencies. pic.twitter.com/SaUVkM3zQ4
— Mati Greenspan (@MatiGreenspan) August 20, 2018
The entire crypto market is trying to gauge the next bitcoin price movement. Crypto analyst Eric Choe Tweeted:
Make it or break time for #btc #bitcoin
Hold me baby boy. pic.twitter.com/R6vNr987Hd
— Eric Choe (@CryptoChoe) August 19, 2018
He further commented,
“I think 6.8 is definitely a possibility – but man, it will need some volume push to get over that.”
In his recent Tweet, he shared,
“#BTC will go to 6.6K plus or minus a couple thousand.”
Well, that’s the running sentiment right now. The Bitcoin price can move in any direction, though breaking the $6,600 seems not to be a possibility in the short term, there is no telling which way the price will go!
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