Saturdays and Sundays are generally fairly quiet for crypto markets. Compared to forex, digital assets may be traded around the clock and at weekends but old habits look to die hard for traders. As we enter a new week there are big expectations for Bitcoin which may well make a move.
Mixed Outlook from Analysts
There has been virtually no movement on crypto markets for the past three days. Total market capitalization has hovered just above $170 billion which is $15 billion below its 2019 highs recently. A push back to those highs may see markets arriving at $200 billion once again before the month is over however if Bitcoin fails to break key resistance levels, the consolidation could go on.
Analysts are basically mixed on short term price direction and some foresee a movement this week as technical indicators align again;
Not much difference from previous posts. Would not be surprised to see some action tomorrow, as weekends often are quiet.
Do expect this RSI support to be broken this week pic.twitter.com/DkyczKKBZt
— The Cryptomist (@TheCryptomist) April 14, 2019
Meanwhile, there are others who are not so optimistic and are expecting another significant dump, as ‘The Crypto Dog’ tweeted just yesterday;
“I could be completely wrong and get stuck sitting by myself on the sidelines, but it’s my opinion we see another wipe out on $ALTS and $BTC before we start trending onto new highs. Sitting mostly in fiat going into this week, waiting for opportunities to present themselves.”
A ‘broken price floor’ is what one particular trader summarized Bitcoin as having reached with heavy resistance at $5,800. There is expectation here for BTC to settle between $4,700 and $5,500 for a several weeks or perhaps months before a greater breakout develops.
Daily RSI is remaining right on 70 which is just on the edge of overbought territory. The ‘golden cross’ could possibly also come into play as both daily moving averages converge and are still on a path to meet later this month.
Bitcoin prices had set out to awaken again at the time of writing with a move from yesterday’s low of $5,060 up to touch $5,200 again for the first time since Thursday. Volume, which had plunged to single figures, is now back over $10 billion as Asian traders kick start the markets this Monday morning.
On the week BTC has fallen back almost 2 percent but since last week’s big dump back below $5,000 it has rebounded around 4.5% to current levels indicating that the bulls are still powerful for the time being.
The crypto twitter sphere has been really preoccupied with the ‘guess who Satoshi is’ adventure that has unfurled in recent days which has served as a momentary distraction for lack of market movement. This week has gotten under way with positive momentum yet the leading assets presently are altcoins, first and foremost Bitcoin Cash and Litecoin. Each has added 8 to 9 percent on the day and are the top performing high cap coins during the time of writing.
Image from Shutterstock
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