Technical analysis 13-03-2018 | Bitcoin is in an ascending triangle waiting for the G20 meeting
Yesterday, our goal was to come back for the $10.2k level. Unfortunately we ran out of energy in this upward movement. This is noticeable in particular by the formation of several "dojis" indicating a rather strong uncertainty of the market. Also at that time, indicators such as the RSI and Stoch RSI were in the over-bought zone. The next step was predictable => a sharp drop.
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What to expect from now on?
Looking back, we can see the formation of an ascending triangle. We can then hope to see the price continue to oscillate until the end of this triangle with a potential upward breackout. (Best of cases)
Let us not forget that the G20 is meeting this weekend and one of the subjects that should be dealt with is the regulation of cryptocurrencies. There is a good chance that the market will remain very volatil til then.
Do you think G20 news will have an impact on the price?
Tell us what you think about it in the comments.
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Yes I would think that the G20 would play some sort of role in the price of BTC and other Alt's (but as we know BTC dips Alt's dip)
Saying that though all the countries that will be at the G20 are all quite positive towards this technology...
What ever happens, they can not stop bitcoin they can only regulate platforms and taxation so this is only a good sign for the future.
Let's wait and see my friend.
Yeah I definitely wont be able to stop Bitcoin but adding regulations is good for the community as that will help mass adoption
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