Hi guys,
Bitcoin keeps on moving upwards ever since closing near $31,500 on January 11. Some of the altcoins managed to gain some strength against BTC during the weekend - mainly LINK, DOT, ADA, and the DeFi stuff AAVE, CRV, RUNE, YFi.
Now back to major alts action on Monday morning. ETH, LTC, and BCH are on the move posting some serious gains today.
As for BTC, it is caught in a giant bullish pennant on the 4-h chart and you can clearly see the trading range narrowing with every move. Let's see what happens when volatility finally fades away and usually, this is the time when bitcoin makes its directional changes.
The Heatmap indicator (the one in the middle on the below chart), shows you that the bear pressure is easing and we are now in a no man's land, meaning the current moves are not backed by high volumes and not part of a major trend in the short-term. As per the recent data actually, the trading volumes dropped from $109 billion last Tuesday to $50 billion today.
The Volume Zone Oscillator and the Relative Strenght Index are also near their average values possibly pointing to a consolidation phase in the form of temporary range trading.
On the weekly chart, we have our current resistance set at the psychological level of $40,000.
On the daily timeframe, it is of critical importance to close with a green candle today and break the three-day-long losing streak.
Bitcoin keeps on moving upwards ever since closing near $31,500 on January 11. Some of the altcoins managed to gain some strength against BTC during the weekend - mainly LINK, DOT, ADA, and the DeFi stuff AAVE, CRV, RUNE, YFi.
Now back to major alts action on Monday morning. ETH, LTC, and BCH are on the move posting some serious gains today.
As for BTC, it is caught in a giant bullish pennant on the 4-h chart and you can clearly see the trading range narrowing with every move. Let's see what happens when volatility finally fades away and usually, this is the time when bitcoin makes its directional changes.
The Heatmap indicator (the one in the middle on the below chart), shows you that the bear pressure is easing and we are now in a no man's land, meaning the current moves are not backed by high volumes and not part of a major trend in the short-term. As per the recent data actually, the trading volumes dropped from $109 billion last Tuesday to $50 billion today.
The Volume Zone Oscillator and the Relative Strenght Index are also near their average values possibly pointing to a consolidation phase in the form of temporary range trading.
On the weekly chart, we have our current resistance set at the psychological level of $40,000.
On the daily timeframe, it is of critical importance to close with a green candle today and break the three-day-long losing streak.