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Bitcoin (BTC) Price May Re-Test Recent Multi-Month Low

Bitcoin (BTC) Price May Re-Test Recent Multi-Month Low

2019-02-01 11:40:00
Nick Cawley, Strategist
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Bitcoin (BTC) Price, Chart and Analysis

  • Quiet trading conditions normally lead to a break-out.
  • Market conditions remain negative.

If you are interested in trading the cryptocurrency market, we have produced aDay Trading Guide to Bitcoin and Other Cryptocurrenciesto help you better understand this highly volatile asset class.

Bitcoin (BTC) May Re-Test Multi-Month Low

Bitcoin’s recent price action is looking ominously similar to moves seen between August and late-November 2018 with prices drifting lower in tight trading ranges beofre they broke sharply lower. The chart below shows a very similar chart set-up from mid-December to now with lower highs continuing to be made. Bitcoin is also trading below all three moving averages as sentiment remains negative and a break and close below the mid-December multi-month low around $3,130 would leave minor support at just under $3,000 vulnerable. If this goes – and with it the psychological $3,000 handle - then the next real level of support/interest is all the way down at $1,780, the July 17, 2017 swing-low.

While charts can only tell you what has actually happened, trading patterns have a habit of repeating themselves and prove important in shaping trading decisions. In addition there is currently a lack of any high-level positive news or sentiment in the cryptocurrency market and if retail finally throw in towel – and this remains a big if - another move lower cannot be discounted.

Sign up to the IG Client Sentiment Indicator to get updated retail positioning data for a range of cryptocurrencies.

Bitcoin (BTC) Daily Price Chart (May 2018 – February 1, 2019)

Bitcoin (BTC) Price May Re-Test Recent Multi-Month Low

If you are interested in learning more about technical analysis and how to construct a trading plan, visit the DailyFX University where our experts will help you build your trading skills.

Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.

What’s your opinion on Bitcoin at these levels? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at nicholas.cawley@ig.com.

--- Written by Nick Cawley, Analyst.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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