Bitcoin fails to sustain growth above 3900 and has continued in a range despite the CBOE Bitcoin futures news.
March 15, 2019. | AtoZ Markets – The cryptocurrency market has stayed sideways and unchanged from last week’s price range. This happens in spite of the news that CBOE is putting Bitcoin futures on hold. The flagship cryptocurrency rallied above 3900 but failed to sustain the bullish momentum required to drive it to 4000 and beyond. Major altcoins have also done almost next to nothing today. Despite the inactivity in the market, total market capitalization grew on Thursday and Friday by $2-3 billion to hit $136 billion. The market growth is largely due to better performances from smaller altcoins. Stellar, Cardano, NEO, EOS and a handful of others have gained between 5 to 10% since Thursday. Litecoin also had a good run to cap a 100% gain in 2019.
Despite the slothful moves, Bitcoin still holds the giant share of the entire market capitalization. However, that is dwindling gradually. Bitcoin’s market dominance has dropped from nearly 53% at the start of 2019 to 50%. In the last few weeks, its trade volume and market capitalization have stayed within a decent range. Furthermore, BTC price this month, though sluggish, has increased by 5% from 3650 to 3900. Price activities this month is lower compared to February when BTC gained 26% to hit 4150, very close to January high. With momentum slowing down, patterns are emerging on the price charts.
Bitcoin technical analysis: emerging triangle?
Triangle patterns are emerging on the price charts of Bitcoin and Ripple which suggest a giant move is close. A break upside above 4200 will either happen or price would break to the downside to make a new low at 2000 or below.
This price pattern suggests the corrective bounce from 3100 could extend to 4500-5000 as the 4th wave continues. It’s very much likely that price has not yet hit its bottom and one more bearish leg will follow. If price breaks above 4000 sufficiently, we should see a hit of 4500 or 5000.
On the other hand, a break below 3600 instead will most likely trigger a new low as the chart below shows.
The steady sideways move could continue throughout March before a fast break happens. Traders will be more interested in the direction of the next breakout. It’s uncertain which direction price would breakout but almost certain that it will be big especially if it happens to the downside.
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