Bitcoin’s Anticipated Weekend Move Has Arrived. Are the Bears Done Yet?
In a previous Bitcoin price analysis, we mentioned the significant horizontal seen on the 4-hour chart, and that a breakout followed by a sharp move would occur in a matter of hours.
Yesterday we saw that triangle get broken to the downside. Bitcoin quickly lost $700 – leaving the $11,900 area down to the marked at $11,200.
Does this mean the Bitcoin market is again? It’s way too early to say. Since breaking down, Bitcoin has consolidated between the $11,200 support and the $11,500 . Such consolidation might lead to a retest of the aforementioned triangle’s descending , while the price could break $11,200 on its way down to lower levels ($10,800, anyone?).
Once again, the weekend proved to be the perfect time for the whales to move the crypto markets. Another impressive thing we saw was the Bitcoin dominance index capturing 72%. However, since the $700 price drop , the dominance rate is down by 1.3%.
Total Market Cap: $295 billion
Bitcoin Market Cap: $203.6 billion
BTC Dominance Index: 68.7%
Key Levels to Watch:
Support/Resistance: Following the breakdown, Bitcoin is now facing the $11,200 , below which lies the $11,000 , which contains the 50-day moving average line (marked in purple on the ). Further below lies $10,800, which could be the target for this current move. Further below lies $10,600, followed by $10,250 and the $10,000 mark.
From above, the $11,500-$11,600 level has become resistance. It contains the 4-hour chart triangle’s descending (marked in yellow). Above are the resistance levels of $12,000 and $12,300. The latter was a in recent days.
Daily chart’s RSI: The found support at the 54 horizontal support line, still in territory (above 50, marked in red). However, the oscillator produced a crossover in overbought territory, which might indicate that Bitcoin will see lower lows in the coming days.
Trading Volume: The past three days’ has been low. This was anticipated and can be explained by the consolidation preceding the weekend.
Stay ahead of the masses,
Founder, Crypto Wealth Coach, LLC
Owner, Modern Wealth Management, LP