Bitcoin *PRICE PREDICTIONS* Consolidation?steemCreated with Sketch.

in bitcoin •  last month

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?

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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 😂 😂 😂

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Im a beginner.. how to vote? 😅

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click the button ^ beside the dollar amount.

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

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