Bitcoin’s Daily Price Range Hits Three-Month Low
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 looks more likely to end with a move to the higher side, as the cryptocurrency has created a falling wedge on the daily chart.
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. 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 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.
On the daily chart, BTC is probing the upper edge of the falling wedge, currently at $3,430.
A daily close 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.
Omkar Godbole’s original article for coindesk.com reduced by 56%
Related story: Australian Study: Fintech Experts See Bitcoin Ending 2019 At $9,000
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