Bitcoin has been trading sideways for quite some time now. We are now in the last quarter of the year with the end just around the corner. Does BTC look well-positioned to end the year on a ‘green’ note? Let’s see.
Is Bitcoin Price Ready to Hit the Five-Figure Mark, Again?
Popular crypto trader and analyst, Josh Rager pointed out his latest observation about the bitcoin market a few hours ago. He noted that BTC has been lying in the sidelines far too long. But the trend seems to be changing. Especially after a $100 move which has taken bitcoin price above the $9300 mark. According to him, it shows folks are badly waiting for this ‘compressed pattern to break out.
He feels that BTC needs to chart a higher high and ‘crack through high volume node (resistance) overhead’. Trading, in general, is 80% psychological, so the word goes. Market movements, especially in the nascent bitcoin and cryptocurrency space, is largely governed by the sentiment of the participants. As it was clearly visible in one of the polls on Josh’s Twitter page today.
A majority want BTC to break past the $9600 mark.
Does Bitcoin continue to move up or break down again out of this compression pattern (triangle)
Break bearish to $8ks and below
Bullish push up to 5 digits again
— Josh Rager 📈 (@Josh_Rager) November 1, 2019
Well-known bitcoin commentator, Crypto Rand presented the case ‘bullish case for bitcoin’ for Q4-2019 a few days back. Applying the falling wedge pattern to bitcoin’s ongoing price action, he expects a ‘reversal pattern’ to play out. This would obviously be confirmed on the breakout of the upper trendline in the pattern.