Could Bitcoin (BTC) Be Mirroring Its November 2018 Pre-Crash Price Action?

Over the past couple of weeks Bitcoin has been caught in an incredibly tight trading range between roughly $3,900 and $4,000, with strong resistance existing at the latter price point. Earlier today, BTC saw increased levels of volatility, but it has since stabilized back to the lower-$3,900 region.

One analyst is now pointing out that Bitcoins current price action is looking strikingly similar to that which was seen in early-November just prior to BTCs price crash that sent it from over $6,000 to nearly $3,000.

Bitcoin Experiences Slight Levels of Volatility Before Stabilizing Above $3,900

At the time of writing Bitcoin is trading up marginally at its current price level of $3,930 and is up from its daily lows of slightly below $3,900. Earlier today, BTC experienced some slight levels of volatility after it quickly climbed to nearly $4,000 before being swiftly rejected and falling to below $3,900. It has since stabilized back to its current price levels.

Recently, analysts have been pointing out that the cryptocurrencys recent price action is nearly identical to that seen in early-November of 2018, where BTC traded sideways at roughly $6,400 for an extended period of time before plummeting to lows of $3,200.

Moon Overlord, a popular cryptocurrency analyst, recently pointed this out, concisely stating that the cryptos current price action is feeling very similar [to] before the drop from 6k.

Moon Overlord further asserted his postulation that the crypto is trading in a very similar way to how it was during last November, highlighting the similarities in the two charts.

Assuming that it is replicating its previous price action and a further price drop is inevitable, then BTC will likely face increased selling pressure in the very near future.

Analysts Growing Increasingly Bearish on BTC

Other prominent analysts have recently asserted generally bearish views on Bitcoin, with would support Moon Overlords theory that Bitcoin may be currently gearing up for a large drop similar to that seen in late-2018.

Jani Ziedins of the CrackedMarket blog shared his thoughts on Bitcoin while speaking to MarketWatch, pointing to the strong resistance at $4,000 as one possible reason the cryptocurrency may soon see further losses.

Bitcoin is still doing a lot of nothing as it seems stuck under $4k resistance. In the opposite move to the broad market, a trade that refuses to rebound will eventually tumble lower, he explained.

Ziedins further asserted that one negative headline relating to the crypto industry or Bitcoin in particular could be all it takes to lead its price to plunge lower.

Buyers are not interested in pushing BTC any higher and that means all we are doing is waiting here until the next negative headline comes along and knocks us lower. What seems low is giving every indication it wants to keep going lower.

Assuming that Bitcoin is currently mimicking its November 2018 price action, then it is inevitable that the cryptocurrency will soon see a sudden influx of massive selling pressure but until this occurs, the theory remains nothing more than a possibility that traders should be aware of.

Featured image from Shutterstock.

The post Could Bitcoin (BTC) Be Mirroring Its November 2018 Pre-Crash Price Action? appeared first on NewsBTC.

14.03.2019 / 17:20 65
Bitcoin (BTC) Could Be Gearing up For a Big Move as Sideways Trading Persists Bitcoin (BTC) Could Be Gearing up For a
Over the past several days Bitcoin (BTC) has seen an extended period of sideways trading within an extremely tight trading range between
Analyst: Bitcoin Could Surge to $5,000 if $3,500 Holds as Support Analyst: Bitcoin Could Surge to $5,000
Bitcoin has experienced a relatively volatile week, trading between lows of $3,550 and highs of $3,750. This choppy trading has given analysts more
Crypto Markets Trade Sideways as Bitcoin Forms New Trading Range Crypto Markets Trade Sideways as
The crypto markets are trading relatively flat after an incredibly volatile trading session yesterday, where many altcoins dropped 10% or more as
Bitcoin Falls Below $3,500, Analyst Claims Likelihood of a Bounce is Diminishing Bitcoin Falls Below $3,500, Analyst
Bitcoin has been unable to stabilize above $3,500 which has led to a widespread sell-off that has sent most cryptocurrencies down 2% or more. Despite
Bitcoin Sets Yearly Low Below $4,400, Recovers Slightly as Altcoins Continue to Drop Bitcoin Sets Yearly Low Below $4,400,
After yesterdays widespread market carnage, Bitcoin has continued to drop and is showing little sign of a pending recovery. Bitcoins latest drop to
Bitcoin Drifts Lower Under $6,400 as Altcoins Have Mixed Trading Session Bitcoin Drifts Lower Under $6,400 as
Bitcoin drifted lower on Tuesday leading to a mixed trading session for altcoins. Most major cryptocurrencies by market capitalization are currently
Comments (0)
Add a comment
Comment on