Bitcoin reader for next big move after slow weekend
The weekend has been largely lethargic for the Bitcoin and crypto markets with little movement outside the trading areas. A couple of resistance attempts occurred, but the BTC was knocked back by the bears and quickly withdrew to the support level. An outbreak is coming soon and traders are looking at the entry and exit zones.
Bitcoin fails to break resistance
Since the very short $ 8,700 pump on Friday, BTC declined to support just over $ 8,300 and remained there for the duration of the weekend. Very little happened to prices until late on Sunday trading in the US session when they were squeezed over $ 8,400 for a couple of hours.
This did not last for Bitcoin to come back sharply to support again to signal a lack of buyers to take the asset. higher. At the time of writing, Bitcoin had fallen below support levels for the weekend, trading at around $ 8,288, just below its weekend support zone, according to Tradingview.com.
BTC Price 1 Hour Map – Tradingview.com [19659007] A death cross appears in the daily chart, and this may be as soon as next weekend if consolidation continues. The last time the 50 day moving average fell below 200 days MA was in March 2018 and a year long bear market followed.
Long-term trader and analyst Nick Cote has seen what he described as a "simple setup" that forms for Bitcoin.
"Upside = $ 9000 – $ 9,300 (Throwback Level)
Downside = $ 7,450 – $ 7,700 (Weekly Support Block)
A good 9% draw on each side of the breach."
Easy setup forming on #bitcoin
Daily inside post pattern.
Upside = $ 9000 – $ 9,300 (Throwback level)
Downside = $ 7,450 – $ 7,700 (Weekly support block)A good 9% move on each side of the break.
The two previous inner bar layouts I shared gave 25% and 5% spot price movements. pic.twitter.com/mcGrCfAVEA
– Nick Cote (@mBTCPizpie) October 14, 2019
Analysts were in two minds over the weekend regarding BTC's next move as it has done yet to make by Monday morning. Traders appear to be waiting for confirmation before entering or leaving their positions. A support outage is likely to lead to another fall to the high $ 7,000 and a breach of it can get very messy very quickly.
What About The Altcoins
The picture is mostly green when we start a new week in cryptoland, but the gains are thin for most altcoins.
Ethereum has weakened in the last couple of days after the big move to $ 195 on Friday. Until it can break the psychological $ 200 barrier independent of the big brother, ETH will remain bearish. At the time of writing, it was trading flat at just over $ 180.
Ripples XRP has made more progress today, adding another 4% to reach $ 0.285. However, it is also bearish on something below its $ 0.30 psychological barrier.
Other altcoins that receive a marginal boost this Monday morning are Binance Coin which tops $ 18 by 3.5%, and Stellar adds 2.5%. Tron has achieved 5% in a rare climb and Cardano is 3% higher today and the 0x protocol is one of today's top winners adding 10%.
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