Bitcoin Price Chart Keeps Trading Sideways But November Could Offer Reprieve
After a lackluster weekend, Bitcoin is seeing greens. Up 2.66% in the past 24 hours, BTC has been trading at $8,212, as per Coincodex.
However, the flagship cryptocurrency is still trading in a tight range that it has been oscillating in since late September. As such, volatility has dropped less than 2%.
“Who said bitcoin was volatile? Bitcoin realized volatility drifting back towards historical lows – moved < 2% daily over the last 10 days,”
stated Skew markets.
As the leading cryptocurrency climbs, altcoins took off as well with Bitcoin SV (14.85%), Chainlink (10.96%), and Bitcoin Cash (5.68%) in the lead.
Trading volume, however, is still low at $316.5 million on top ten exchanges with real volume, though it has risen from below $200 million last week.
Bitcoin to continue sideways before taking a hit
Despite this slight uptick in BTC price, the chart is still looking “shitty”, according to analyst Don Alt.
These few and far between upward movements are actually no surprise as in October we have been seeing Bitcoin losing its steam as we reach the weekend, only to register an uptick moving in a new week. But these price rises haven’t been sustainable and BTC ends up right where it started.
Bitcoin, DonAlt says hasn’t closed above $8,750, a level the digital asset traded around on October 11 and until it starts reclaiming these levels instead of getting rejected by them, we can't be bullish.
Still no close above $8750.
Still looks pretty shitty.
I'm bearish until BTC starts reclaiming levels instead of getting rejected by them.
Next resistance: $8200
Next support: $7700
Next support that I'd trust to trade on the long side: $7000 pic.twitter.com/jzrxFFZrHO
— DonAlt (@CryptoDonAlt) October 20, 2019
Market analyst Benjamin Blunts is also expecting Bitcoin to continue the same sideways trading well into November before it takes a drop to $7,400.
Given that Q4 has been historically a good quarter for the digital asset, with 2015 (82.40%), 2016 (58.06), and 2017 (226.28%) registering some of the greenest quarters, a surge could be expected.
The Moveᵀᴹ coming soon
— moon (@MoonOverlord) October 20, 2019
October, however, tends to be a red one if September ended up with losses. And last month, we went below $7,600.
“Max pain imo is sideways into the monthly close, proper breakout 1st week of November. for now, still maintain bearish bias, triangle likely,”
In the short term, however, BTC/USD is expected to continue to “push up,” and as a result, trader Credible Crypto expects further downside on the BTC pairings.