RATE Group | Bitcoin Price Analysis: BTC Ready to Explode In Q4
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Bitcoin Price Analysis: BTC Ready to Explode In Q4

02 Oct Bitcoin Price Analysis: BTC Ready to Explode In Q4

Posted at 01:08h in Bitcoin News by

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As Bitcoin closed for the third quarter of 2018, we take a look at the big picture and see what’s in store for the final quarter of 2018.

Monthly Chart

September marked Bitcoin’s tightest relative trading range since 2016 — opening the month of September at $7,015 and closing the month, the week, and the quarter at $6,598.  While this represented a win for the Bears, the inability to make significantly lower lows beyond critical $6,000 support could be a sign of underlying strength in this market.

The Monthly chart shows a pinch in the price action which will need to be resolved in the coming weeks.

Consolidation Coming to An End

Bitcoin has a long history of price action consolidating in the form of triangles or wedges, which typically last around a quarter. These 3-4 month consolidations end with a significantly fast and volatile move — typically leaning in the general direction price is traveling. Although Bitcoin is generally in a bear market, the megastructure is…

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