In the coming week, it is crucial to observe potential changes in market dynamics, as the absence of major buying orders in the past seven days suggests a lack of bullish sentiment.

The First Major Resistance Area for BTC has seen an increase in selling orders, indicating heightened selling pressure. During the recent downward move, additional selling mid-level orders were placed above the current price.

Does it all look bad for the crypto market? What should we expect further? Let’s see what the charts have to say.

BITCOIN

In the last 48 hours BTC ranged slightly higher to trigger the initially located short-term long positions. Then a retracement back followed to the area where buying orders are positioned.

The area between $26 660 – $26 360 is still valid support. We are reaching pivotal days for the macro future of BTC, as buying momentum has to appear in the charts in order to see more upside. Not seeing buying orders appear below the current price means that market makers have not decided on the concrete bottom.

The First Major Resistance Area has been further filled with more selling orders. During the move down new selling mid-level orders have been located above current price – $26 750. This can be interpreted as more selling pressure has been put over BTC and that a sharp bounce from this drop is not likely. It is most probable to see that zone of orders relocate but in the short-term it is highly unconvincing to BTC break above it.

Once again, in times of low volume it is best to monitor the market outside from trading. We are approaching a new week ahead and the weekend should not be subject to basing your thesis on its move. Bulls seem missing as of now with no major buying orders appearing close to the price in the last 7 days. These scenarios often lead to a bleed in the altcoins, as uncertainty prevails over traders.

It is crucial to see a change of scenery, as currently the next are of major buying orders is located in the sub $25 000 area.

SOLANA

During this brief bleed of altcoins, SOL has triggered the area where Bulls are defending the price. A wick to the downside followed but it swept major buying orders.

Looking to see SOL move above the Bulls Defending Price area, however with no immediate bounce to the upper levels. Sideways movement is to be expected. A bearish sentiment for weak bullish movement would be SOL keeping its price under $19.84.

Further move down in the short-term is not realistic, as this means bigger red wave in the crypto market. Currently not planning to enter trades, but highlight opportunities and wait for currencies to hit their targets.

MATIC

Matic has fell under selling pressure. A major support is still valid between $0.85 – $0.83 that can be played as a retracement with a long position.

Overall the coin is supported with buying orders down to $0.79, which is a signal that every move to lower level is a preferable zone for accumulation in the bigger perspective.