Cryptocurrency

Bitcoin exchange rate in the short term, a descending triangle

The Bitcoin exchange rate is at the Moment, according to the “Definition” in a descending triangle, but the potential for upward movements persists, so the experienced Trader Peter Brandt in a message for investors.

Brandt urges caution

In a series of Social Media Updates on 7. September Brandt, known as Bitcoin-a trailer that, while downward pressure is evident, but nevertheless a breakout was possible said.

“Bitcoin meets the Definition of a descending triangle. Let the novices not of Chartists differ,“ he wrote, and commented on two current BTC/USD Charts.

He continued as follows:

“There was, over the years, numerous occasions in which the prices from the upper part of the descending exploded triangle.”

Brandt applies classic Charting techniques on the Bitcoin markets. Under current conditions, Bitcoin will leave the descending triangle is most likely due to the longer horizontal side – in this case, the price will fall deeper.

“Right-angled triangles do not) imply (request, but a resolution by the horizontal border,” he reiterated.

Time to go Long

Brandt mentioned that he was in the light of the relative price development in comparison to the last few months, Long in relation to BTC. The Trader has revealed holdings of between 10 and 100 BTC, he.
The technical strength of Bitcoin seems to be in contradiction to its weak price development in the last few weeks. So the hash rate of the network reached this week, continue to new highs, which are now in 100 trillion Hashes per second.
The measure suggests that the security and profitability of Bitcoin are at an unprecedented level. Among the analysts, other signed a similar picture such as Brandt. Mia Tam, an increasingly popular Traderin on Twitter, also saw for BTC/USD a short-term downturn, before a slight increase in.
The General opinion indicates that a number of the events Bitcoin for the Rest of the year affect. The first, the end of this month, is the long-awaited debut of Bakkts physical Bitcoin Futures.
After the institutional interest was aroused, the attention will focus on the decision from October, if two Bitcoin Exchange-Traded Funds (ETFs) from the American stock exchange will be approved by the Supervisory authority (SEC) or not.
The latter have always experienced delays and rejections by the US regulatory authorities, the operators have been trying for March 2017, to provide their products with the seal of quality.
Text evidence: bitcoinis, Anja van OOSTERHOUT

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.