Over the past several days Bitcoin( BTC) has received an extended period of sideways trading within an extremely tighten trading collection between nearly $3,550 and $3,650.
Although this lack of volatility may be welcomed by investors who are tired of the cryptocurrency’s frequent price moves, historically involatile rate activity leads to a big rate movement in one direction or another.
Bitcoin Stable Around $3,600
At the time of writing, Bitcoin is trading up nominally at its current price of $3,600. Last Sunday, BTC fell from $3,750 to lows of nearly $3,550. BTC considerably solid the latter cost as a strong tier of the assistance provided, as it quickly bounced to over $3,600 after stroking this price level.
Earlier today, Bitcoin climbed to increases of $3,650, but was hurriedly pushed back down towards its current price levels, which confirms that it is currently caught in a trading stray between $3,550 and $3,650.
TayTrox Trading, a cryptocurrency specialist on Twitter, recently point out here that that after long contests of involatile trading war, BTC commonly makes a large price move.
“$ BTC Last season we sold in a tighten series for this long we all know what happened. What will happen this time? ”
$ BTC Last-place season we sold in a close-fisted wander for this long we all know what happened.
What will happen this time? pic.twitter.com/ 927 XFwnF3C
— TayTrox Trading (@ TayTrox_Crypto) January 24, 2019
As can be seen in the above plot within TayTrox’s tweet, Bitcoin previously evidenced a multi-month period of sideways trading from early-September to mid-November of 2018, from which it broke downwards from nearly $6,400 to the $3,000 region.
It is likely that the longer BTC transactions sideways, “the worlds biggest” the resulting rate move will be.
Bitcoin Could See Some Gains in Coming Days
For the past couple of weeks, Bitcoin has seen increased levels of volatility on the weekends, which may be the outcome of a decline in trading publications during these times.
Although this weekend is off to an involatile start even further, Mayne, a popular cryptocurrency trader , noted in a recent tweet that Bitcoin could very well descend higher in the coming periods if it is able to break above a few key levels.
“$ BTC if we transgress above the grey-haired obstruction you can add or wait until a terminate and close above yearly open to add, ” he said, with the referenced “grey block” existing around $3,650.
Mayne later noted that Bitcoin has moved closer to this region, and if it is able to break above its yearly open at approximately $3,700 it could see a price flood up to $4,000.
As usual, Bitcoin’s price action over this weekend is very likely defined the color for the week to come.
Featured images from Shutterstock.
The post Bitcoin( BTC) Could Be Gearing up For a Big Move as Sideways Trading Persists showed first on NewsBTC.