Factors Affecting the Price of Bitcoin
It has been an unpredictable start of the new trading month for Bitcoin. Bearish headlines about the BitMEX and the President Trump being diagnosed with Covid-19 heavily affected cryptocurrencies in the sector. The market chart review by Bitcoin reveals that a $10,000-$10,900 collapse is sufficient to cause a big directional.
On a monthly chart, assets manager Charles Edwards noted the formed ascending triangle. According to the chart, the price went out of bounds and tested the upper boundary of the triangle. At the same time, the price stayed at this important level.
High time frame monthly levels continue to look excellent.Price is holding above the key order block and wedge line.This is a normal retest process. Given the monthly time frames, it could take a few months to play out. Charles Edwards @caprioleio via Twitter
The methodology of Bitcoin's analysis demonstrates that a break from a broad triangle pattern can lead to the next big directions.
Not Everything Is Optimistic
While the price of Bitcoin leaps against desirable macro structural components, a chart analyst sees crypto-monetary development in the next few sessions.
On Monday, the pseudo researcher raised a very bizarre BTC / USD situation. He envisions that the average moving 50-day pair of pairs would be less than its 100-day average, which would result in the creation of the so-called "Bear Cross" among financial analysts, also known as the Death Cross.
The bearish Bitcoin forecast was written during the cryptocurrency's growth period. At the beginning of Monday's session, the exchange rate between BTC and USD jumped by almost 1%.
However, if a downside breaking finishes in the triangle trend, chart-driven sales may carry a re-test to a lower $9,900 in September. Bitcoin is selling at press times above $10,500.