Major cryptocurrency prices are trading mostly unchanged Wednesday.
After rising as much as 10% on Monday, bitcoin, the world’s largest digital currency, broke out of a triangle formation, which if holds, one analyst said could point to another leg higher, testing another important level.
“This price action—shown on the chart below—was quickly sold-off but did decisively break the downward triangle, and needs to be watched carefully,” wrote Nick Cawley, markets analyst at Daily FX. “If BTC can close above this triangle over the next few sessions, it will indicate renewed bullish sentiment that could push the price back to the 200-day moving average and the spike high between $7,200 and $7,300.”
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The 200-day moving average, which currently sits at $7,210, is a key momentum indicator and has proved a thorn in the side for bitcoin bulls having tested, but failed to breach, on four occasions in 2018.
In early Wednesday trading, a single bitcoin
was changing hands at $6,508.45, down 0.2% since Tuesday at 5 p.m. Eastern Time on the Kraken exchange.
Major altcoins, are showing small losses Wednesday. Ether
was down 0.2% at $203.53, Bitcoin Cash
was down 1.1% to $442.20, Litecoin
was off 0.8% at $52.46 and XRP
was down 0.4% on the day at 46 cents.
In bitcoin futures, the Cboe Global Markets October contract
is trading 0.2% lower at $6,425, while the CME Group October contract
is unchanged at $6,425. The Cboe October contract will expire and cash settle Wednesday afternoon.
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