Bitcoin: The Calm Before the Storm?
Bitcoin is feeling like the 'calm before the storm' right now, as the price has barely changed at all in the last few days. However, there are some interesting levels to watch in the short term. Technical Analysis By: Edris The Daily Chart As seen[...]
While the price of Bitcoin has been relatively stable in the last few days, there are some interesting levels to watch in the short term. This calm before the storm feeling could mean that big changes are coming soon for the cryptocurrency. Whether prices will go up or down remains to be seen, but it's definitely an exciting time for Bitcoin.
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The Daily Chart: Your One-Stop Shop for All the News You Need
Looking at the daily chart, it is evident that Bitcoin has been experiencing very small changes in price over the past few days. Currently, the digital asset is consolidating in a very tight range at the $20K support zone. The 50-day and 100-day moving average lines are located at the $22K and $23K levels, respectively. This suggests that Bitcoin may continue to move sideways in the short-term before potentially making a move higher.
If the price of Bitcoin fails to break above the $20,000 level in the short-term, a bearish breakout below $20,000 could be expected. In this case, another massive bearish move towards the $15,000 area and beyond would be likely.
It looks like the bearish scenario is the most likely outcome right now, with the price potentially breaking below the moving average lines and heading towards the $24K static support level. However, if the price does break above the moving averages and the $24K resistance level, a rally towards the $30K supply zone would become much more probable. Either way, it's definitely worth keeping an eye on how the market develops in the coming days.
The 4-Hour Chart: How to Make the Most of Your Time
On the 4-hour timeframe, the price is trapped in a symmetrical triangle pattern between the $20K and $21K levels. These could be either continuation or reversal patterns – it depends on whether the price breaks them to the upside or the downside. If the price breaks out to the upside, it could signal a continuation of the recent uptrend. However, if the price breaks out to the downside, it could signal a reversal of the trend.
It seems as though the cryptocurrency market is on the verge of a breakdown, with prices potentially falling below the $20,000 support level. This would be a significant drop from current levels, and could signal further weakness in the market in the days and weeks ahead.
The RSI indicator is currently showing values below 50%. This indicates that the bears are in control and that the price's momentum is bearish. This further boosts the probability of a bearish continuation.
On-chain Analysis: The Future of Blockchain Technology
Bitcoin Miner Reserve: A New Way to Mine for Bitcoin
As key participants in the Bitcoin market, miners play a vital role in influencing prices. In addition to holding large amounts of BTC, they also help to secure the network, making it even more valuable. By behaving in a responsible and thoughtful manner, miners can help to ensure that the Bitcoin market remains healthy and prosperous.
It is evident from the Bitcoin Miner Reserve chart that miners have been under immense pressure lately. The price has dipped as low as $18,000, and there is potential for it to go even lower in the short term. This massive downtrend has caused miners to sell more and more of their mined Bitcoin to cover their operational costs in recent months. The Miner Reserve metric is a clear demonstration of these outcomes, with a downtrend since early August.
The market sentiment surrounding the miners is uncertain at best, and their selling pressure could push the price even lower in the short term.
The post Calm Before the Storm as BTC Looks Ready for a Huge Move (Bitcoin Price Analysis) appeared first on CryptoPotato. The article discusses how Bitcoin looks ready for a huge move, based on its recent price analysis.
