With notable price action lacking throughout the weekend, the crypto market has halted. Bitcoin rose to important levels and we can see tightening of the active orders on the market.
What does that mean for Bitcoin? Is this move to the upside valid? Let’s head to the charts.
BITCOIN
BTC rose to $26 800 and since then has been consolidating. The price reached the First Major Resistance area and the bulls did not have the needed power to push above it.
Now we are seeing days of sideways movement for BTC. The move up has been supported with buying orders close to current prices from $26 150 – $26 350.
However, there is a significant sell pressure between $26 700 – $27 000. The closely placed buying and selling orders make BTC move crabwise before eventually liquidating one of the sides.
This can indicate that we are possibly seeing market manipulation with market movers sustaining the price high. This tightening of the price action is often seen when fundamental news are on the way or a major move is coming. It is a way of temporarily hitting the breaks on the BTC movement.
Currently, looking to see BTC not go over $27 000 without a move down. Although the price has been supported with buying orders below recent levels, there are lacking ones on the move up from $25 000.
SOLANA
SOL reached the minor resistance area and since then has been rejected from it. Currently, the area has been further filled with selling orders and can be identified as a notable resistance.
Buying orders have appeared between $14 – $14.40 and that leads to an opportunity for a bounce play. A similar narrative to BTC can be seen on SOL where orders have tightened and the price has been moving in a sideways direction.
The Resistance area for SOL is located between $15.85 – $16.20 and same as BTC, not looking to see the price go above it.
It might seem odd that the SOL chart lacks many support/resistance zones but there are just no major orders that can fill the big gaps between levels.
Monitoring the markets as of now, in a times of tightening no major trades can be identified except the bounce zones of currencies.
