Sideways Trading Suggests Bitcoin (BTC) Might be Looking at an Upward Price Push Soon
Sideways Trading Suggests Bitcoin (BTC) Might Be Looking At An Upward Price Push Soon
The past week or so has seen Bitcoin witness an extended period of ‘sideways trading’— with the premier altcoin sitting tight between the $3,550-$3,650 price range for more than 5 days straight. While low-volatility is generally considered to be a good thing when talking about BTC, historically speaking, non-volatile price action has often been seen as a precursor to massive financial movement (be it in a positive or negative direction).
Bitcoin’s Price Has Remained Fairly Stable Recently
As most of our readers probably already know, Bitcoin is currently trading for a price point of $3,600. However, last Sunday, the premier asset was being sold for around $3.75k before dropping swiftly to $3.5k within the span of a few hours.
In a similar vein, over the course of the past 24 hours, BTC scaled up to a relative high of $3,650, but was immediately pushed back to its present levels— thus pointing to the fact that the currency is presently stuck to a trading range of $3,550-$3,650.
As soon as news of the above-stated trend started to gain mainstream traction, an independent crypto analyst by the name of ‘TayTrox Trading’ took to Twitter to point out that Bitcoin has historically been seen to make a massive push after it is subject to long periods of non-volatile trading action.
On the matter, TayTrox further noted:
“$BTC Last time we traded in a tight range for this long we all know what happened. What will happen this time?”
$BTC Last time we traded in a tight range for this long we all know what happened.
What will happen this time? pic.twitter.com/927XFwnF3C
— Trader Tay (@Trader_Tay) January 24, 2019
From the chart presented above, we can see that between Bitcoin has previously witnessed an extended duration of sideways trading between September-November 2018 (following which, the crypto asset plunged from $6.5k to $3k).
Despite the fact that the ongoing weekend has seen the price of Bitcoin remain fairly stable, many analysts are now of the belief that the asset could move higher in the coming few days (given that the altcoin is able to jump past certain key resistance levels).
On the subject, crypto analyst Mayne tweeted out the following message earlier today:
“$BTC if we break above the grey block you can add or wait until a break and close above yearly open to add.”