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BTC price struggles at $21,000 as trader says 'top in' for bitcoin is ethereum

Published on

December 31, 2022
Read Time:2 Minute, 21 Second

Bitcoin (BTC) continued to consolidate by way of the weekly shut on Oct. 30 as considerations a few deeper retracement have been raised.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Supply: TradingView

The dealer avoids new longs under $21,000

Information from Cointelegraph Markets Professional and trading view confirmed BTC/USD circling slightly below $21,000 on the day.

Weekend buying and selling had introduced an early return above $21,000, which was short-lived as bitcoin bulls failed to offer the quantity to maintain larger ranges.

Now, crypto's widespread pseudonymous dealer and analyst il Capo sensed {that a} change in course was finally due for bitcoin and altcoins alike.

Altcoins themselves had additionally carried out strongly over the weekend, notably led by Dogecoin (DOGE), which is up one other 25% within the final 24 hours on the time of writing to hit a six-month excessive.

"In my view, the highest is in $BTC and $ETH, however some altcoins might pump extra," Crypto's il Capo wrote in a part of a latest Twitter replace, including:

“Not getting into new lengthy positions and solely trailing my revenue stops (altcoins). I will be full TP quickly.”

Revenue-taking has already been a sizzling matter for the previous few days, with on-chain indicators suggesting that the temptation could be important ought to Bitcoin break the $21,000 mark extra convincingly.

In response to Crypto's Il Capo, fellow dealer Mark Cullen expressed related warning about short-term market energy.

Bitcoin, he tweetedHe “spent a bit too lengthy beneath 21k for my liking whereas largely operating alts/#ETH. BUT, break the golden zone and I'd think about a fast push up first. After I lose 20.4k, I begin questioning the whole lot.”

Annotated BTC/USD chart. Supply: Mark Cullen/Twitter

"Uptober" on track for sideways features of seven%

On the every day chart, BTC/USD is buying and selling above the 100-day transferring common (MA) after managing to interrupt above the 50-day MA earlier within the week.

Associated: Bitcoin worth plummets under $20,000, merchants warn amid claims miners are 'capitulating'

BTC/USD 1-day candlestick chart (Bitstamp) with 50, 100MA. Supply: TradingView

As for the weekly and month-to-month charts, October 30 appeared to supply Bitcoin's highest weekly candle shut since mid-September.

BTC/USD 1-week candlestick chart (Bitstamp). Supply: TradingView

At present costs, Bitcoin was up 7% in October, nonetheless its third weakest efficiency since 2013, in response to knowledge collected by Monitoring Useful resource coin jar.

Chart of month-to-month BTC/USD returns (screenshot). Supply: coin jar

The views and opinions expressed herein are solely these of the creator and don't essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you need to do your personal analysis when making a choice.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 31, 2022
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