Bitcoin Continues To Consolidate Following Massive Drop: A Look At The Apex Crypto Into The Weekend
Portfolio Pulse from Melanie Schaffer
Bitcoin (BTC) is showing signs of consolidation following a significant drop, forming a double inside bar pattern on the 24-hour chart, which indicates a period of consolidation. The general market and the crypto sector often trade in tandem, suggesting that a breakdown from the double inside bar pattern over the weekend could indicate a fall in the S&P 500 on Monday. Traders can use MIAX’s SPIKES Volatility products, traded on SPIKES Volatility Index (SPIKE), to play the potential volatility in the stock market.
August 25, 2023 | 5:17 pm
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Bitcoin is showing signs of consolidation, which could indicate a potential drop. However, if Bitcoin drops over the weekend, a bounce is likely to follow as Bitcoin’s RSI has been measuring in at under 30% since Aug. 16.
The article suggests that Bitcoin is showing signs of consolidation, which is usually followed by a continuation move in the direction of the current trend. Given that Bitcoin has been trading lower, this could indicate a potential drop. However, the article also mentions that if Bitcoin drops over the weekend, a bounce is likely to follow as Bitcoin’s RSI has been measuring in at under 30% since Aug. 16, indicating it is oversold.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Traders can use MIAX’s SPIKES Volatility products, traded on SPIKES Volatility Index (SPIKE), to play the potential volatility in the stock market.
The article suggests that traders can use MIAX’s SPIKES Volatility products, traded on SPIKES Volatility Index (SPIKE), to play the potential volatility in the stock market. This suggests that there could be increased trading activity in SPIKE, but it does not necessarily indicate a direction for the price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80