Bitcoin Price Stabilize Analysts Optimistic About Parabolic Breakout
Over the past 24 hours, the Bitcoin price has stabilized in the mid-$6,000 regions. BTC eyed a breakout at a major resistance level at $6,800 but has slightly declined to the range of $6,550 to $6,600.
Most major cryptocurrencies including Ethereum (ETH), Ripple (XRP), and EOS have recorded fairly large losses in the range of 3 to 5 percent on October 1, failing to sustain momentum against both Bitcoin and the US dollar.
But, many technical analysts in the cryptocurrency community have expressed their optimism towards the short-term trend of Stellar, which remains as one of the few digital assets in the global market to have minimized losses throughout the past two days.
Where’s Bitcoin Commanded?
Don Alt, a cryptocurrency investor, stated that the quarterly trend of Bitcoin remains bullish but BTC has to close its 3-month candle to demonstrate a positive short-term price movement.
“BTC quarterly update: Relatively promising close. The last few times we’ve gotten two quarterly close in such a tiny range was at the end of both bear markets. I don’t really trade based on fractals, it’s just something interesting to watch. Quarterly is still very bullish,” he explained.
The last time Bitcoin recorded two stable 3-month candles in mid-2016 led to a large mid-term rally. It is possible that the last quarter of 2018 could replicate a similar movement.
In the short-term, as in the forthcoming days, the price trend of Bitcoin still remains uncertain. Bitcoin will have to increase considerably in volume, by more than 20 percent, to initiate a solid shift to the upside, which is fairly extraordinary.
Featured Image from Shutterstock. Charts from TradingView.
Posted from my blog with SteemPress : https://247cryptonews.com/bitcoin-price-stabilize-analysts-optimistic-about-parabolic-breakout/
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