Bitcoin Price Is Approaching Its Decision Point: CNBC Counter Trader

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Mon, 05/06/2019 - 17:42
Alex Dovbnya
A rising wedge pattern indicates that lower Bitcoin prices are about to come as BTC fails to break above $6,000  
Bitcoin Price Is Approaching Its Decision Point: CNBC Counter Trader
Cover image via U.Today
Contents

Jacob Canfield, a cryptocurrency analyst and trader who developed a Bitcoin indicator that is based on CNBC tweets, now believes that it’s almost a turning point for Bitcoin. Based on his technical analysis, the direction of the BTC price for the upcoming weeks will be determined during this hour.

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A rising wedge pattern

Bitcoin, as Canfield points out, has recently formed a rising wedge pattern, which usually signals a bearish reversal. Rarely, such patterns can be found in uptrends, but they are generally treated as a negative sign of a dwindling bullish momentum. In practically no time, traders will be able to see whether Bitcoin will fall below the rising wedge level support.

On a positive note, the recent news about Fidelity going all-in with crypto could give a much-need push to Bitcoin’s dwindling price rally.

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The stock market meltdown

Bitcoin could also take a hammering following the bloodbath that is currently happening in the US stock market. On May 6, the Dow plunged more than 15 percent after President Donald Trump threatened to impose additional tariffs on Chinese goods. Since Bitcoin and US stocks both rallied this year in synch, it wouldn’t be surprising if the crypto market reacted to this ongoing sell-off.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.