Bitcoin Price Analysis - consolidation ending ?
Bitcoin has essentially remained flat for the week, and it is no coincidence that price action has slowed as a protocol altering event, UASF/BIP148 approaches. The spot price appears stuck in heavy triangular consolidation. Traders will note the descending volume profile, and expect a heavy spike in volume upon resolution of the consolidation.
The Bitcoin network hash rate briefly spiked above 6 trillion GH/s after the last difficulty adjustment on July 2nd, and has moved lower in recent days.
The number of nodes signaling support for a UASF continues to rise.
the yearly Pivots will also be important support zones with the R3 pivot being a likely immediate target should price break down.
Price is approaching the end of a heavy period of consolidation just as SegWit is to be activated on August 1st. we are expecting heavy volatility for both of these reasons. The technical indicators are showing several resistance targets above $3200. Further analysis shows a confluence of support around $1700-1800.
source https://bravenewcoin.com/news/bitcoin-price-analysis-consolidation-ending/
So it could go up or down?
Price is approaching the end of a heavy period of consolidation just as SegWit is to be activated on August 1st. we are expecting heavy volatility for both of these reasons.
I noticed that Ethereum tracks pretty closely with BTC. Do you expect this to affect Ethereum on the upswing, too?
of course yes.