Bitcoin Continues To Record Lower Prices For A Substantial Part Of This Year
It is not usual for price action to form triangular shape. This is a pattern that has been observed for a while now.
There is a breakup beyond or under the pattern as value moves towards its end. As Bitcoin moved towards the finish of the triangle shape over the recent months, any breakout from value activity has been brought rapidly back inside the pattern.
BTC Experiences A Bullish Trend This Week
At the beginning of the week, it was evident that BTC had been experiencing a bearish trend. This is where investors sell the prices of their assets when the prices are high with anticipation of purchasing them when their values decline. Therefore, low trading volumes were witnessed in the market.
The everyday RSI is exchanging at about 50, displaying reasonably equal force from what purchasers and traders expect in the market.
Price is right now hovering around the 200 day EMA. The coin has been exchanging in a range from around $6380 to $6480. However, the short-term markers will be of little significance since the value has been amalgamating on small volumes. These trends have been seen for longer time periods.
Most trading volumes were near bottom this year. Therefore, everyday merchants will have fewer resources to conduct short-term transactions. These trades were moving faster towards the losing direction.
Prices on trading platforms which list BTC against USDT still trade at a premium. The stablecurrency USD trades at less than 1:1 against the American dollar. As a result, 2.3% premiums for BTC values were priced against USDT.
Bitcoin had never approached the point of the triangle pattern. However, it began forming such a trend since the start of the year. The situation has surprised several market participants since it is an abnormal state of affairs which has never been witnessed before.
Instability of trades has led to lower trading volumes towards the end of 2018. Consequently, the market is only ideal for long-term traders because of a lack of activity.