Leading cryptocurrency Bitcoin tested below $28.7,000 while Trading in a narrow range. In a stagnant and boring Market environment, Bitcoin faces ‘endless spot selling’. BTC started the week with a weak outlook as well. Now the attention is on whether it can maintain the important support of $29,000.
‘Endless spot selling + fluctuating price movement’ does not bode well!
Bitcoin, the leading cryptocurrency, had a shaky close last week. In the process, it approached the lows of August. The start of U.S. trading also showed no signs of relief for the bulls. So, traders and analysts predict a downside outcome when it breaks support. Popular trader Daan Crypto Trades shared his views on the current state of BTC. The trader says that derivatives traded at a premium on the spot put the bulls in an even less advantageous position. In this regard, the trader makes the following statement and warns his followers:
Traders warn of Bitcoin price action
The trading package DecenTrader warns that one of its proprietary trading tools is on the decline “in most time frames”. Also, popular trader Crypto Tony says that $29,000 is already weakening as support. Trade’s team IncomeSharks said, “We are losing $29,000 support. The slow bleeding continues as people refuse to see the weakness in the markets.”
Can Bitcoin price avoid the 2023 double top?
Meanwhile, popular trader and analyst Rekt Capital is looking at weekly timeframes. The analyst reveals that there is an interesting showdown for the leading crypto. Rekt Capital states that the weekly candles are in the process of completing the binary top formation. This will be confirmed within the next month, he said. However, Bitcoin will need to revisit the area around $26,000 to print the classic M-shaped pattern. This means that more than one important moving average is violated.
These include the 200-week simple moving average (SMA), as well as the 21-week and 50-week exponential moving averages (EMAs). Rekt Capital also explains its views on the zone between $26,000 and the current spot Bitcoin price. “What’s about this structure in general, and generally that this zone acts as a merger support zone, is that we have two bull market bullish momentum exponential moving averages developing here,” the analyst said. Rekt Capital says this set of supports will likely be what “really comes your way” to a double top. Instead, it notes that it will allow Bitcoin to press a higher weekly low. Thus, he sees it as likely to continue upwards later.
1-week chart of BTC 50EMA with 200SMA. Source: TradingView
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‘Endless spot selling + fluctuating price movement’ does not bode well!
Bitcoin, the leading cryptocurrency, had a shaky close last week. In the process, it approached the lows of August. The start of U.S. trading also showed no signs of relief for the bulls. So, traders and analysts predict a downside outcome when it breaks support. Popular trader Daan Crypto Trades shared his views on the current state of BTC. The trader says that derivatives traded at a premium on the spot put the bulls in an even less advantageous position. In this regard, the trader makes the following statement and warns his followers:
BTC chart on a continuous futures basis. Source: Daan Crypto Trades
Traders warn of Bitcoin price action
The trading package DecenTrader warns that one of its proprietary trading tools is on the decline “in most time frames”. Also, popular trader Crypto Tony says that $29,000 is already weakening as support. Trade’s team IncomeSharks said, “We are losing $29,000 support. The slow bleeding continues as people refuse to see the weakness in the markets.”
parofix.comAs you are following from , the US Consumer Price Index data will come on August 10. That’s why bearish bets for Bitcoin are already on the table. This is an important event that, if realized, would constitute the classic BTC price action. Data from monitoring source CoinGlass pushed total BTC long liquidations to over $10.5 million during the day. Also, cross-crypto long liquidations amounted to $60 million.
Can Bitcoin price avoid the 2023 double top?
Meanwhile, popular trader and analyst Rekt Capital is looking at weekly timeframes. The analyst reveals that there is an interesting showdown for the leading crypto. Rekt Capital states that the weekly candles are in the process of completing the binary top formation. This will be confirmed within the next month, he said. However, Bitcoin will need to revisit the area around $26,000 to print the classic M-shaped pattern. This means that more than one important moving average is violated.
These include the 200-week simple moving average (SMA), as well as the 21-week and 50-week exponential moving averages (EMAs). Rekt Capital also explains its views on the zone between $26,000 and the current spot Bitcoin price. “What’s about this structure in general, and generally that this zone acts as a merger support zone, is that we have two bull market bullish momentum exponential moving averages developing here,” the analyst said. Rekt Capital says this set of supports will likely be what “really comes your way” to a double top. Instead, it notes that it will allow Bitcoin to press a higher weekly low. Thus, he sees it as likely to continue upwards later.
1-week chart of BTC 50EMA with 200SMA. Source: TradingView
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