Previous days trips above the $21,000 mark could be the last for Bitcoin for now, new analysis concludes.
continued to consolidate at the weekly close on October 30 as concerns about a deeper pullback became apparent.
BTC/USD 1-hour candlestick (bit stamp). Source: TradingView
Dealers avoid new lungs under $21,000
Data from Cointelegraph Markets Pro and TradingView show circular levels for BTC/USD just below $21,000 on the day.
Weekend trading had produced an early return above the $21,000 mark, which was short-lived as Bitcoin bulls failed to provide the volume to sustain higher levels.
Now, the popular pseudonymous trader and analyst il Capo of Crypto felt that a change of direction is finally due for Bitcoin and Altcoins alike.
Altcoins themselves also performed strongly over the weekend, particularly led by Dogecoin.
for 0.13 US dollars
, which is up another 25% in the last 24 hours at the time of writing and is rising to six-month highs.
“In my opinion, the top is in $BTC and $ETH, but some altcoins could pump higher,” Il Capo de Crypto wrote in part from a new Twitter update, adding:
“Do not enter new long positions and only enter my stops on profit (altcoins). Soon I will complete TP.
Profit taking has already been a hot topic in recent days, with on-chain indicators suggesting that the temptation would be significant if Bitcoin passes $21,000 more convincingly.
In response to Il Capo of Crypto, fellow Mark Cullen expressed similar caution about short-term market strength.
Bitcoin, he tweeted, had “spent too long below 21k for my liking, while alts / #ETH especially dry up. BUT, breaking the gold zone and I would consider a quick push higher first. I lose 20.4k and start to ask everything.
BTC/USD annotated chart. Source: Mark Cullen/Twitter
“Uptober” on track for 7% side gain
On the daily chart, BTC/USD broke above the 100-day moving average (MA) and managed to break above the 50-day moving average for the week.
Related: Bitcoin Price Due to Sub-$20K Drop, Traders Warn Amid Claim Miners “Surrender”
BTC/USD (Bitstamp) 1-day candlestick chart with 50, 100MA. Source: TradingView
Looking at the weekly and monthly charts, October 30 appears to offer Bitcoin’s highest weekly candlestick since mid-September.
BTC/USD 1-week candlestick (bit stamp). Source: TradingView
Meanwhile, at current prices, bitcoin rose 7% in October, marking its third weakest performance since 2013, according to data tracked by monitoring resource Coinglass.
BTC/USD monthly return chart (screenshot). Source: Coinglass
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