Bitcoin (BTC) ongoing consolidating in to the March. 30 weekly close as concerns more than a much deeper retracement grew to become vocal.
Trader avoids new longs below $21,000
Data from Cointelegraph Markets Pro and TradingView demonstrated BTC/USD circling levels just beneath $21,000 at the time.
Weekend buying and selling had created an early return over the $21,000 mark, this being short-resided as Bitcoin bulls unsuccessful to give the volume to sustain greater levels.
Now, popular pseudonymous trader and analyst il Capo of Crypto thought a big change of direction was ultimately due for Bitcoin and altcoins alike.
Altcoins themselves had also performed strongly with the weekend, particularly brought by Dogecoin (DOGE), that was up another 25% previously 24 hrs during the time of writing and also at six-month highs.
“In my estimation, top is within for $BTC and $ETH, however, many altcoins could pump more,” il Capo of Crypto authored partly of the fresh Twitter, adding:
“Not entering any new lengthy positions and merely trailing my stops in profits (altcoins). I’ll fully TP soon.”
Profit-taking had been a hot subject in recent days, with on-chain indicators suggesting the temptation would become considerable should Bitcoin pass $21,000 more convincingly.
Answering Il Capo of Crypto, fellow trader Mark Cullen voiced similar caution within the short-term market strength.
Bitcoin, he tweeted, had “spent a little too lengthy under 21k in my liking, while Alts / #ETH particularly have run. BUT, break the golden zone and that i would think about a quick push greater first. Lose 20.4k and that i begin to question everything.”
“Uptober” on the right track for sideways 7% gains
Around the daily chart, BTC/USD was facing the 100-day moving average (MA), getting were able to outperform the 50-day MA within the week.
Related: Bitcoin cost due sub-$20K dip, traders warn among claim miners ‘capitulating’
Embracing the weekly and monthly charts, March. 30 looked to provide Bitcoin’s greatest weekly candle close since mid-September.
At current prices, Bitcoin was meanwhile up 7% in October, still its third-weakest performance since 2013, based on data tracked by monitoring resource Coinglass.
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