Analysts conclude that Bitcoin’s previous days’ trips above $21,000 could be the last for now. They are voicing concerns of a deeper pullback for Bitcoin. Meanwhile, BTC continues to consolidate at the weekly close of October 30.
Analysts warn for Bitcoin!
TradingView data showed BTC circling just under $21,000 on the day. cryptocoin.com As you’ve followed on , the weekend trade yielded an early return above the $21,000 mark. This was short-lived as Bitcoin bulls failed to offer volume to sustain higher levels. Now, the analyst nicknamed Crypto Capo says it’s finally a change of direction for both Bitcoin and altcoins.
Altcoins also performed strongly over the weekend. Especially Dogecoin (DOGE), which has risen nearly 100% in the last week, has led the way. Thus, DOGE saw its highest level in six months. Crypto Capo makes the following statement in a new Twitter post:
I think the peak for BTC and ETH. However, it is possible that some altcoins will see more pumping. I will not enter any new long positions. I will only follow the stops of altcoins in profit. I’ll be fully TP soon.
Snow picking has already been a hot topic lately. On-chain indicators suggest that if Bitcoin crosses $21,000 more convincingly, the lure will matter. Responding to Crypto Capo, fellow analyst Mark Cullen makes a similar warning about short-term market strength. In this context, the analyst says:
Altcoins/ETH in particular ran, while Bitcoin spent a little too much time under 21k in my preference. However, if you break the gold zone, I would consider a quick push up first. If he loses $20.4k, I’ll start questioning everything.
BTC explanatory chart / Source: Mark Cullen / Twitter‘Uptober’ is on track to gain 7% sideways
Crypto analyst William Suberg points out the following technical levels for BTC. On the daily chart, BTC managed to surpass the 50-day MA during the week. Thus, it rose against the 100-day moving average (MA).
BTC 1-day candlestick chart with 50, 100MA / Source: TradingViewAccording to the weekly and monthly charts, October 30 attempted to present Bitcoin’s highest weekly candle close since mid-September.
BTC 1-week candlestick chart / Source: TradingViewAt current prices, Bitcoin, meanwhile, rose 7% in October, according to data from monitoring resource Coinglass. This was the third lowest performance since 2013.
BTC monthly return chart / Source: Coinglass
