Unless you’ve been living under a rock, you will know that the crypto markets have been hectic this past week. If we specifically look at the weekend just gone, we can see that Bitcoin hasn’t really done much. In fact, it’s been trading sideways for most of the weekend. In fact, most high-cap altcoins have been on the close of the weekly candle.
Earlier today, we saw lower highs for the past week or so but the range is tightening up which could result in a breakout.
Looking at the charts is the enthusiast and analyst Josh Rager, who is on the lookout for the next move which is leaning towards a bearish one following the close of the weekly candle.
“Bitcoin closed below the resistance while at the same time tapped the tippy top of the support near $9,614. With lower-highs on the 4 hr chart, I’d look to lean bearish as we start the week. But you know that you’d love to buy more BTC and crypto under $10k”.
Take a look at the chart here.
On the other hand though, any move below $10,000 could trigger FOMO amongst investors and thus pump more value into the market.
Another trader who goes by the name Financial Survivalism has also hinted at a move to the downside and predicts that Bitcoin will drop back to four figures at some point throughout this week.
“I’m expecting $BTC to return to 4 figures within the next 48 hours. Main reason is the high volume shooting star from last week.
Confirmation comes from the charts below:
1st weekly Stoch sell signal since Dec 17
Overbought W ADX
Bearish TK Cross on D cloud
4h Bear channel”
Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before you stick your money in a cryptocurrency and always remember to trade safe!
The general sentiment seems to be spreading across crypto Twitter this week as others share this view.
“In the near term, I think upside on $BTC is limited. Likely the top is in for the next 3-4 months. Better to build some support first before the 6 fig moon mission.”