There has not been significant movement recorded in the Bitcoin price for the past 48 hours. These periods are typical after a sharp move to either side. This is the “make or break” moment for the crypto market’s next move.
As traders are anticipating the next major wick and trying to bet whether it will be up or down, we have to look at the facts – the charts are showing us something worth-glancing at. Next week will be definitely nerve-wracking for the ones that are not informed. Let’s begin!
BITCOIN
BTC has been trading with low volume for the past 2 days. This behaviour has been indicated that it will follow after the move down in the previous analyses. Once again, trading on days off (weekends) holds high risk of liquidations.
BTC has been trading around $26 800 with little movement to either side. This is an indicator that we will be seeing orders being placed on the market with the market makers setting up their new targets. So far we have recorded selling orders being positioned above current BTC price, which is an indicator that a spike up is out of the picture.
In order for BTC to see a reversal buying orders have to be set up below the price as a support. There is a spread of buying orders between $26 800 – $26 300. It is important to state that they are not congested but laid out with gaps in between. This indicates that the are cannot be indicated as a solid support zone.
Looking to see the price get rejected by the First Major Resistance that is positioned between $27 100 – $27 600. A move up to these levels will set up a preferable scenario for short-term short positioned. The vision on BTC has not changed in the last 2 days – sideways movement is likely until we see order levels getting executed and right now there are very few ones on the market.
In the previous analyses it was stated that “trading activity in the spot market (highest tier of the financial market for immediate delivery of assets) has decreased by 50% in comparison to the previous three-month period. This suggests a significant decline in trading activity and potentially a decrease in overall market liquidity. Periods of low volatility in the market often lead to sudden market activity, as there are less orders to be swept either ways.” That is why we have to be beware of major spikes entering the new week.
SOLANA
SOL has been moving side to side for the past 24 hours in an area of resistance. Going above $21.30 will need a lot of buying volume from bulls, which in the current situation is non-existent.
Therefore, reaching levels of $21.20 – $21.44 will create a desirable set up for short play. In this area there is selling pressure and there are not buying orders close to the current price of SOL that can support it.
The closest major support for SOL remains the area where bulls are defending the price – $19.82 – $19.30. The zone still remains desirable for accumulation, if reached, and can be played as retracement move to the upside.
The sentiment on SOL remains bearish, as the price is located at a minor resistance. Not seeing major volatility kick in for the price to break out from resistance means that a rejection is likely to follow.
