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Bitcoin Price Outlook - Preparing a Move or Death by a Thousand Cuts?

Bitcoin Price Outlook - Preparing a Move or Death by a Thousand Cuts?

2019-09-12 09:30:00
Nick Cawley, Strategist
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Bitcoin (BTC) News, Price, Chart and Analysis:

  • Trading range narrows in a descending triangle formation.
  • Bearish chart pattern suggests lower prices.

A Guide to Day Trading Bitcoin and Other Cryptocurrencies

The price of Bitcoin has gradually moved lower over the last two-and-a-half months with horizontal support around $9,300 holding. The move has set up a bearish descending triangle pattern on the daily chart with lower reaction highs which normally suggests a break lower when support is broken and closed below. However, if Bitcoin breaks and closes above the descending trend, currently around $10,650, then prices may quickly reverse higher and re-test the June 26 high as buyers re-take control of the market.

Either way, while the market may remain constrained by the narrowing triangle in the short-term, a range breakout is likely to occur in the slightly longer-term. Traders need to be aware that breakouts from this formation are normally quite sharp as either buyers or sellers throw in the towel.

Bitcoin (BTC) Price Battles Recent Highs as Technical Indicators Clash

Bitcoin (BTC) Daily Price Chart (May – September 12, 2019)

Bitcoin Price Outlook - Preparing a Move or Death by a Thousand Cuts?

IG Client Sentiment data show that 79.3% of retail traders are net-long Bitcoin (BTC), a bearish contrarian indicator. However, recent daily and weekly positional changes suggest that Bitcoin could soon reverse higher despite traders being net-long Bitcoin.

Bitcoin market dominance remains around 70%, despite the recent push higher in the alt-coin space with Ethereum, Litecoin and EOS in particular out-performing Bitcoin over the last week.

Bitcoin Price Outlook - Preparing a Move or Death by a Thousand Cuts?

Chart via CoinMarketCap

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

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