Bitcoin’s Trading Activity Sees Recent Spike as Cryptomist Trader Predicts Breakout via Apex of Pennant
Bitcoin (BTC) has been traded in a very tight range between $3,620 and $3,680. The digital currency has seen these kinds of price movements for prolonged periods of times in the past. These price swings are usually proceeded by large price swings in either direction. Although there was a strong increase in trading volume a few hours ago, Bitcoin did not seem to have reacted to it.
There are some technical experts that believe that Bitcoin could start growing in the near future. Bitcoin experienced a sudden volume increase from $6 to $14 billion in just a matter of minutes. However, the trading volume dropped down to $6 billion once again. The whole crypto market has also experienced this volume increase.
Mati Greenspan, the senior market analyst at eToro, talked about this volume increase and the crypto market. About it, he commented:
“In technical analysis, when a strong move is accompanied by strong volumes, it usually means that there’s more strength to the movement. Such was the case as well during the declines in November. Seeing the 24-hour volumes reach $36 billion this morning, on a day with very little price movement is indeed intriguing.”
He went on saying that we must know that this market has grown in a very short period of time from nothing to a multi-billion market in just a few years. There is no clear answer about why the volume spiked in this way in the last few hours. In the near future, Bitcoin could experience a new price increase or drop.
Everyone keeps telling me $BTC is going to dump
I am leaning towards the opposite
Now within apex of pennant
If my lines are correct, breakout no later than tomorrow evening
Should this be correct, expecting 3.7k test once more
Trade safe loveys x pic.twitter.com/1EF9KKPCR8
— The Cryptomist (@TheCryptomist) February 14, 2019
This is similar to what the Twitter technical analyst, Lucid TA believes. He said that there is a nice structure here on Bitcoin from a PA trader’s perspective.
Nice structure here on $BTC from a PA trader's perspective.
Stop hunt straight into a 'breaker'/significant horizontal. Nice close above to form SFP – all whilst in bull flag structure. High RR long entries here. pic.twitter.com/wlHWOTjxT3
— Lucid TA (@Lucid_TA) February 14, 2019
Currently, Bitcoin is being traded around $3,624 and it has a market capitalization of $63.56 billion. Additionally, in the last 24 hours, the popular digital asset grew 0.22%.