Bitcoin did not surprise us and has been moving in sideways for some days now. Does the spikes in the price mean that we are going to see a more major move soon?
Let’s see what the charts have to say.
BITCOIN
BTC has continued the sideways movement just as expected. No major moves occurred in the past days with only wicks to liquidate lower timeframe traders along the way.
The price reached the Resistance box again and a sharp retracement to neutral levels followed. There are buying orders spread from $30 400 to $29 900, which are not likely to be liquidated.
These spikes up and down on the price are a good indicator that a more major move is being set up. Now with less orders close to current price it to squeeze it, BTC should have more leeway to move in the next direction.
This in essence means that the crab walking is bound to be over if we do not see tightening of the orders now. The last time we saw that was after the pump to $31 500. Since then it was indicated that we are going to see tightening and sideways movement. Talk about precision.
The Resistance is still valid, although some levels have been liquidated in the box. BTC has formed an upper parallel channel. This particular scenario makes the sentiment bearish one for the biggest cryptocurrency.
BTC is manoeuvring around the Monthly 21 MA. The price going lower than $29 900 confirms the bearish scenario. However, higher levels than $31 500 will further liquidate the current resistance and then more green is expected.
SOLANA
SOL has perfectly bounced of the area that was indicated it contains buying orders. The price went up to $20.30 levels. It is the first time that area was reached since the move down.
The price reached once again the Resistance area, just as analysed in the last post, and a rejection followed. The situation stays the same – a move again up in the Resistance box is likely to liquidate the selling orders and SOL to push up.
However, it is worth noting that the bounce level of SOL has been further filled with buying orders. That makes the zone great for a bounce move position. The zone is located between $18.50 – $18. SOL has been great to trade on ups and downs.
