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Bitcoin's Daily Price Range Hits Three-Month Low
The current calm in the bitcoin market is reminiscent of the lackluster trading witnessed in October.
Door Omkar Godbole
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- Bitcoin's daily price range has dropped to levels last seen in the weeks leading up to the sell-off witnessed mid-November. The latest bout of consolidation, however, looks more likely to end with a move to the higher side, as the cryptocurrency has created a falling wedge on the daily chart. Further, signs of bearish exhaustion have emerged on the 4-hour chart.
- A strong move above $3,430 would confirm a falling wedge breakout and open the doors to $3,658 (the high of the bearish gravestone doji created on Jan. 26).
- The bullish case would weaken below the recent low of $3,322.
The current calm in the bitcoin market is reminiscent of the lackluster trading witnessed in October.
Bitcoin’s daily trading range, the spread between the highest and lowest prices, fell to $33 yesterday – the lowest since Oct. 31, according to CoinMarketCap data. On that date, the leading cryptocurrency had witnessed a daily trading range of $32.
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Back then, BTC was squeezed above $6,300 for four weeks leading up to Nov. 14, when the cryptocurrency dashed hopes of a long-term bullish reversal with a convincing break below the crucial support of $6,000.
The latest bout of sideways trading below $3,500 is just seven days old and was preceded by a gradual sell-off from late December highs above $4,200.
The odds of the consolidation ending with an upside move are high, as the cryptocurrency has charted a falling wedge – a bullish reversal pattern – on the daily chart.
As of writing, BTC is trading largely unchanged on the day above $3,420 on Bitstamp.
Daily chart
On the daily chart, BTC is probing the upper edge of the falling wedge, currently at $3,430.
A daily close (UTC) above that level would confirm a wedge breakout and allow a rally to $3,658 – the high of the bearish gravestone doji created on Jan. 26. A violation there would validate the wedge breakout and open up upside toward the psychological hurdle of $4,000.
4-hour chart
As seen above, BTC cleared the lower edge of the channel yesterday in favor of the bears.
Even so, the psychological support of $3,400 continues to hold ground, signaling seller exhaustion. Hence, BTC could well make a falling wedge breakout in the next 24 hours.
Disclosure: The author holds no cryptocurrency at the time of writing.
Bitcoin image via CoinDesk archives; charts by Trading View
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