Wanchain was the only real gainer over the weekend as the majority of the crypto markets stagnated awaiting an imminent move from Bitcoin. Following its huge rise last weekend, WAN tried to repeat the feat by rising another 35% from the weekend low to high but couldn’t get past $0.45. This latest jump may have something to do with rumors that Wanchain was being acquired by WeChat, but this was not substantiated.
Market Waits on Bitcoin
In general, the market is still waiting for Bitcoin to make its next move, with the community divided almost 50/50 in terms of what direction it will be. Some are bullish on what Bitcoin will do next…
I LOVE wedge patterns like this. They have a high probability of success.
Good luck. There is a “shit ton” going on in macro land. pic.twitter.com/tmNzxkcgTQ
— Raoul Pal (@RaoulGMI) September 1, 2019
— Peter Brandt (@PeterLBrandt) September 1, 2019
However, others have argued that in fact the pattern is more suggestive of a bearish sentiment…
That‘s a pennant, not a wedge.
Also, one could make the argument that you could draw it as a descending triangle. Chances of a breakdown are high imo. Rocketship won‘t leave yet.
— SmokeyTrades (@SmokeyXBT) September 1, 2019
Looks like a descending triangle to me which is bearish. Could be a good short entry if it breaks below. Series of lower highs….
— David Bridgford (@DaveBridgford) September 1, 2019
What we can say for sure is that Bitcoin is coiling up for a big move, with comparisons to the November 2018 dump coming thick and fast:
If such a situation did play out, this would represent a fantastic opportunity to accumulate more BTC, considering we are coming towards the end of the accumulation phase which is the prelude to the next bull market. A repeat of this would see BTC around the $15,000 mark by the end of the year which would put it in a great position for another parabolic run leading up to the halving in May. For those of us who don’t have enough BTC this could just be a case of wishful thinking, while those who have already packed up ready for the moon will be keen to see the ship take off instead.