Both the stocks and crypto market took a beating in the last 72 hours. Bulls are yet to appear, as bears are putting more pressure on the price movement.
What can we expect in the coming days? How is the macro picture on Bitcoin looking? The charts have the needed answers.
BITCOIN
After getting rejected from the First Major Resistance BTC fell down to sub $25 900 levels. This is where the price bounced from the bottom line of the parallel channel and since then has made some recovery.
New buying orders have appeared between $26 400 – $26 150. However, they are with smaller significance, as selling pressure on the BTC price is starting from $27 200. This in essence means that the selling pressure zone can be reached during the weekend but not overcome.
The market structure remains bearish, as selling orders have not moved out or further above the price in the macro view. In order to get a better understanding of what this all means, an image is attached that highlights where the major positions on the market are stationed. This data clearly shows that a volatile move up is not in the picture.
In fact, it should be otherwise. The market makers have not identified a clear bottom for BTC and are still looking to trap traders before loading up at lower levels. When we see more buying orders appear below the price, that is when we will have bullish momentum in the macro POV.
For the time being, more pain is to be expected in the next weeks. The local area of significant buying orders is positioned between $24 800 – $24 300. Not seeing bulls take control of the price actrion soon is a signal for lower levels.
Currently, the overall picture on BTC is not looking green and will be looking forward to further pain.
SOLANA
SOL price reached a bounce zone area, where orders were executed and an increase followed. The area was not highlighted in the analysis, though it was included in the picture to the chart. This shows an important highligh of trading – map out clear levels and play accordingly.
Currently, not looking to see more upside on SOL before lower levels. A move to $20.00 is a great level to play a short position on the currency.
SOL has little buying momentum and is overwhelmed by selling pressure, so a move to the Bounce Zone is to be expected.
