Bitcoin *PRICE PREDICTIONS* Consolidation?steemCreated with Sketch.

in bitcoin •  5 months ago

Firstly, this is a very simple analysis but could it prove to be fortuitous? As you can see from analysing the Bitcoin Daily Chart provided below, which will of course be absolutely no shock to any of you, the price of bitcoin has been in a very steady decline since the beginning of the year. However, if you look more closely it is easy to notice that this decline has been trading within two very strong support and resistance lines. The swings starting off very large and now becoming much smaller and less volatile. Simultaneously, evidenced by the volume bars below the chart, volume has been slowly decreasing over the same period. It is therefore ascertainable that Bitcoin is heading into a period of consolidation finding a home around that $6200 mark. Similarly, to trading stocks, when a stock is consolidating in a range for a period of time, people start to give up on the idea and nobody thinks it’s going to move, this tends to be when the largest movements, or breakouts, occur. However, it is not possible to predict the direction of the movement, but it therefore seems plausible to expect some sort of breakout from this consolidation around that November period. What do you guys think is going to happen and what direction are you anticipating the move to be in?

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I SURE hope it breaks before November, because otherwise we may see some truly unbelievably low prices for STEEM and all the rest :-( Oh well, I guess it's time to sell my TV to buy more crypto 😂 😂 😂

Thank you for your post. :) I have voted for you: 🎁! To call me just write @contentvoter in a comment.

It seems to me that Bitcoin should rather take off at the end of the year. The development of blockchain technology is inevitable.

Im a beginner.. how to vote? 😅


click the button ^ beside the dollar amount.

I really think this isn't the end...we can go far down than that

Congratulations @charliemckay! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

Award for the number of upvotes

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

SteemitBoard - Witness Update

Support SteemitBoard's project! Vote for its witness and get one more award!

Hi @charliemckay!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 2.151 which ranks you at #21581 across all Steem accounts.
Your rank has improved 97 places in the last three days (old rank 21678).

In our last Algorithmic Curation Round, consisting of 487 contributions, your post is ranked at #461.

Evaluation of your UA score:
  • Only a few people are following you, try to convince more people with good work.
  • You have already convinced some users to vote for your post, keep trying!
  • Try to work on user engagement: the more people that interact with you via the comments, the higher your UA score!

Feel free to join our @steem-ua Discord server