Top Crypto Investment News, Listings, Member Posts, Crypto Investment Daily Indices and more!

5yrs ago Crypto newsbtc Views: 302

Although Bitcoin has been unable to find any noteworthy buying pressure in the low-$4,000 region ever since it advanced to this price level, when looking at a larger time frame it becomes apparent that BTC is not currently bearish, despite its persisting bout of sideways trading.

One analyst is quick to point out that Bitcoin is currently caught in an ascending triangle pattern, which result in upwards breaks the vast majority of the time with relatively high average price movements.

Bitcoin Stable Above $4,000, But BTC Lacks Significant Buying Pressure 

At the time of writing Bitcoin is trading down nominally at its current price of $4,030. Throughout this past week, BTC has advanced towards $4,100 on multiple occasions, but has not been able to break above this price level.

Although there may be some levels of resistance at $4,100, it is likely that $4,200 is a significantly larger resistance level, as BTC spiraled downwards after briefly touching this price level in late-February.

Bitcoin’s recent price action appears to have developed into a fresh trading range between $4,000 and $4,100, which may persist for the foreseeable future.

Because weekends typically have lower than average trading volume, the markets are more susceptible to incurring volatility, which may mean that the upper and lower bounds of the aforementioned trading range will be tested either today or tomorrow.

Statistics May Signal That Large Upwards Price Swing is Inevitable  

Although the current price action is certainly not overwhelmingly bullish, Bitcoin is currently nearing the end of a large ascending triangle, which could mean that a large upwards price surge is imminent.

According to a recent tweet from popular cryptocurrency analyst, Galaxy, a study – dubbed Bulkowski’s study – found that ascending triangles result in an upwards price break 60% of the time, with an average ensuing price surge of 35%.

“According to Bulkowski’s study, more than 60% of ascending triangles with declining volume end up breaking upwards…with an average price rise of 35%. That gives us a target of $5500 BTC once the breakout is confirmed,” he explained.

According to Bulkowski's study, more than 60% of ascending triangles with declining volume end up breaking upwards

with an average price rise of 35%

That gives us a target of $5500 BTC once the breakout is confirmed. $BTC pic.twitter.com/dThMCtNZDX

— Galaxy (@galaxyBTC) March 23, 2019

As the weekend continues on and as Bitcoin nears the end of this ascending triangle formation, which will likely be reached in mid-April, traders and analysts alike will gain greater insight into whether or not the crypto winter is truly coming to an end.

Featured image from Shutterstock.

Statistics Signal That Bitcoin (BTC) is Likely to Surge Towards 5,500 in Near Future on NewsBTC.


Today's Crypto Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.