Head and Shoulders Pattern May Spell Trouble for Bitcoin
Hello traders and investors!
Welcome to PrimeXBT’s special analysis of Bitcoin, focusing on BTCUSD’s price action as well as the digital asset’s fundamental developments.
After having a gloomy Christmas, the only relief for traders today is that BTC is currently trading above $7,350. A decline below $7,100 will, without a doubt, be stressful for traders who are already disappointed with the lackluster Christmas price action. The rest of the crypto market is currently in a mixed state.
Bitcoin's sideways price trend has been going on for over a month now, with highs around $7800 and lows around $6600. Technical analysts believe that there are currently some catalysts for upside in the market, citing the growth of long positions at Bitfinex, which have exceeded 47.5K.
However, while looking at the analysis seen on the chart, we need to recognize the Head & Shoulders pattern, which is a trend reversal formation that resembles a baseline with three peaks, the outside two have a similar height and the middle is the highest.
Bitcoin futures this year on BitMEX are also set to expire shortly, and prominent cryptocurrency analyst Jacob Canfield is warning the community of extra volatility that may occur due to the liquidation of futures on BitMEX.
Furthermore, there is the news that Malta-based cryptocurrency exchange OKEx has launched Bitcoin (BTC) options trading for a select group of traders ahead of a public launch in January 2020.
We only offer you the most valuable analysis each day. Stay tuned for more infographics, analytics, reviews, summaries, and more!
Enjoy the rest of your holiday and we hope you have great success with all your future trades!
Welcome to PrimeXBT’s special analysis of Bitcoin, focusing on BTCUSD’s price action as well as the digital asset’s fundamental developments.
After having a gloomy Christmas, the only relief for traders today is that BTC is currently trading above $7,350. A decline below $7,100 will, without a doubt, be stressful for traders who are already disappointed with the lackluster Christmas price action. The rest of the crypto market is currently in a mixed state.
Bitcoin's sideways price trend has been going on for over a month now, with highs around $7800 and lows around $6600. Technical analysts believe that there are currently some catalysts for upside in the market, citing the growth of long positions at Bitfinex, which have exceeded 47.5K.
However, while looking at the analysis seen on the chart, we need to recognize the Head & Shoulders pattern, which is a trend reversal formation that resembles a baseline with three peaks, the outside two have a similar height and the middle is the highest.
Bitcoin futures this year on BitMEX are also set to expire shortly, and prominent cryptocurrency analyst Jacob Canfield is warning the community of extra volatility that may occur due to the liquidation of futures on BitMEX.
Furthermore, there is the news that Malta-based cryptocurrency exchange OKEx has launched Bitcoin (BTC) options trading for a select group of traders ahead of a public launch in January 2020.
- Resistance Zone: $7410 - 7485
- Support Zone: $7100 - 7150
- Market Cap: $133 294 313 408 USD
- Volume (24h): $21 147 660 214 USD
- Circulating Supply: 18 123 700 BTC
We only offer you the most valuable analysis each day. Stay tuned for more infographics, analytics, reviews, summaries, and more!
Enjoy the rest of your holiday and we hope you have great success with all your future trades!
コメント:
BTCUSDLONGS
トレード稼働中:
BTCUSD's formed Right Shoulder and is at the neck level.
トレード稼働中
コメント:
Bitcoin is Becoming The Best Safe Haven Asset
