Analyst: Has Bitcoin Declined a Rally Towards $ 8,900?
Bitcoin price seemed on the way to a key resistance level at $ 8. 250 too exceed. But the weekly closing price below $ 8. 500 could make BTC vulnerable to a steep retreat.
A week end is considered an important element that is a factor in how the following week reacts. In critical periods, a weekly close often dictates Bitcoin's price trend for many weeks to come.
Bitcoin cannot close above $ 8. 500 and a pullback is on the table
Before the end of the week on 13. In January, prominent crypto trader Jacob Canfield emphasized the importance of crossing and closing the $ 8 500 mark .
“I see a lot of bullish sentiment in the market. Although I would like to see that #Bitcoin $ 50. 000 reached, I remain pragmatic and unbiased in my market view. High timeframes still show lower highs and the RSI in a ‘transition zone’. In my opinion the end of the week should be over $ 8500 ”, he said.
On a lower timeframe, Bitcoin has tried three times last week to break out of the $ 8. 400 mark. All failed tests as well as the weekly closing price of the weekly candle show that BTC is not ready to move towards $ 9 at short notice. 000 to climb.
On the 4H chart, Bitcoin also saw a rejection at $ 8. 180, a level that he since 11. January holds. The bearish outlook on the Bitcoin market comes after almost two weeks of bullish sentiment as the technical indicators point to an impending long rally.
Altcoins are declining after a strong week
After a strong week, the main altcoins like Ethereum and Bitcoin Cash have started to fall. Bitcoin Cash, for example, which is growing by 21 in a week, 5 percent fell from about 271 to $ dollars. Despite optimistic mood, Ethereum is from 147 $ to 143 $ decreased.
The decline in altcoin momentum after an explosive week suggests that investors are becoming increasingly cautious about the short-term trend of Bitcoin and other major cryptocurrencies.
Proof of text: newsbtc