4H HOUR CHART
Bitcoin continues to frustrate traders used to thriving on the volatility typically offered by the asset. Bitcoin prices $6468.13 -0.18% have has oscillated between $6350 and $6500 with the last week having only a $30 (0.5%) spread between open and closes, which has all ironically happened amidst numerous so-called stablecoins coming to market.
A break of this range to the downside would return BTC to $6200 and a break to the upside would see bitcoin retest $6600.
BITCOIN PRICE: VOLATILE LOWS
October has marked a new low in Bitcoin’s 2018 volatility as measured by the bitcoin volatility index, despite Stock markets around the world continue to show signs of a wobble.
In recent times, Bitcoin has suffered along with a slump in tech stocks and speculative assets but has remained resilient above $6k and $100bn market cap.
HIDDEN STRENGTH
While the traditional markets around the world are making an attempt at a bounce, it is hard to ignore Bitcoin failing to react negatively. Bitcoin showed a remarkable correlation to the S&P 500 through to May 2018, with an 8% sell-off in stocks correlating with a 40% decline in Bitcoin’s valuation.
While Bitcoin would inevitably suffer in the short term if there is a longer-term correction in the stock market, the price divergence with the weaker wider market is a sign of strength for the number one cryptocurrency asset.
With the market continuing to move sideways amongst good and bad news, traders, investors, enthusiasts and skeptics alike continue to await a signal as to where Bitcoin price $6468.13 -0.18% will head in the short term.
