Bitcoin (BTC) Coin Price Analysis: Markets Moving Up (May 29, 2018)
Hello everyone, it is currently 12 PM (CST) and 5:00 PM (UTC).
Here is a quick rundown of the price points and stats for May 29, 2018:
- Price of BTC has increased 2.12% to a price of $7423.54 over the past 24 hours
- 24 hour trading volume is currently leveled around 5.5 billion USD.
Both the Bitcoin price action and volume bounce over the past 24 hours has been reassuring, however volume is still trending far below the 30 day average.
We have been discussing the symmetrical triangle chart pattern that has been in the process of being printed by Bitcoin’s price action since early February.
The price range we considered for a bounce was resting on the bottom support of this symmetrical triangle. If this bounce holds, it could be a truly positive indicator for the market as a whole as this will be the second time Bitcoin has printed a higher low since the $5900 capitulation price in early February.
Although today’s bounce gives us confidence, affirms our prediction, and we placed long orders in our target as planned, most of our analysts have a portfolio percentage of fiat, still sidelined from before. We’re targeting $7,750 as a key resistance.
Remeber, we’re still in a bearish symmetrical triangle pattern. Until we break out above it, we’re cautious and managing risk more tightly.
Another interesting development we have been discussing as a team, is the strange coordination of price action around the ‘6th’ of every month.
Since January, extreme volatility has occurred in every subsequent month on the 6th which has led to a reversal in the trend of Bitcoin’s price from the direction it was moving in prior to the 6th.
With a harsh decline in price over the course of the past two weeks, ‘June 6th’ has started to become a looming chance for a reversal of the same magnitude that has occurred historically for 6 months consecutively.
We will keep you updated as our study of this trend continues for possible reasonings for this strange occurrence.
The next 24 hours should provide a fairly clear two-week outlook of what we can expect from the crypto markets in the short term. We will keep you updated as usual👊