BY Fintan Ng - October 2, 2018
Crypto prices to see more action in coming weeks
As past reports have noted, volatility in the crypto markets continue to decrease but prices can still move either way.
The total crypto market capitalisation has remained fairly consistent around the US$220bil levels on range-bound trading and consolidating within a symmetrical triangle, that could see the market either moving up or down.
One analyst is advising traders to watch bitcoin’s daily close for trading signals. “The areas to watch are a daily close above US$6,800 or below US$6,300,” the analyst says.
The advice is to buy if bitcoin’s daily closes above US$6,800 and sell if close below US$6,300.
The analyst noted that bitcoin volatility continues to decrease, with the price in the past seven days fluctuating within a US$400 window.
“In our opinion, the decreasing volatility coinciding with the aforementioned symmetrical triangle, coming to a point, has us operating under the notion that a major move is inbound”.
The analyst says there needs to be a move in either direction before overall market sentiment can be established.
Meanwhile, another analyst says the market is still in a bear grip although the grip seems to be lessening.
“The inability to have lower lows and particularly not going below US$6,000 (for bitcoin) is in my opinion a good indicator that there is still hope,” he says.
He also believes that traders should pay attention to the price movements as a breakout or breakdown should be apparent in October.
“I thought at first it would happen in September but it didn’t,” he says, noting that consolidation could be ending soon, only question is which way prices will go.