Saturday, October 16, 2021


Bitcoin (BTC) retained a key help space on Friday as bidders stepped in to avert one other take a look at of $30,000.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Bitcoin: “Leg down” vs. “massive nuke”

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD bottomed out at native lows of $32,700 in a single day.

A subsequent rebound took the pair virtually $1,000 increased earlier than settling at round $33,300 on the time of writing.

As Cointelegraph reported on Thursday, that is above the $33,000 zone, which at the least one buying and selling supply recognized as extremely important for bulls to maintain intact.

Going into the weekend, the temper is thus not as gloomy because it as soon as was, this being tempered by expectations {that a} “leg down” may — and even ought to — nonetheless happen.

In style dealer Crypto Ed eyed a possible journey to an area backside in Bitcoin’s relative energy index (RSI), which might, in flip, produce an oversold worth dip adopted by a correction.

“When following RSI sample/pattern and that wave sample, BTC may do 1 extra leg down,” he considered.

“I’m not anticipating an enormous nuke…. ‘massive nuke’ as in a transfer to 20k or decrease.”

BTC/USD 4-hour and RSI scenario chart. Source: Crypto Ed/Twitter

Since coming off $64,500 all-time highs, Bitcoin has dipped to a maximum of $28,600, with lower lows and a challenge of the 2017 peak of $20,000 so far absent.

Nonetheless, price action remains rangebound, with analyst Rekt Capital seeing a solid downward trend, which nonetheless contains a clear level to reclaim for a breakout.

“BTC is still maintaining this structure and the blue diagonal will still be the trend line to watch for a breakout when the time comes,” he said in comments on an accompanying chart.

Altcoins pattern downward

Altcoins, in the meantime, slipped from prior strength, with losses broadly beating Bitcoin’s slight downturn to hit 5% or extra.

Ether (ETH), the biggest altcoin by market capitalization, traded at $2,060 on the day, down 3% — a narrative matched by numerous different main cryptocurrencies.

Ethereum Traditional (ETC) got here off its publicity boost highs from earlier within the week, whereas publicity from Elon Musk likewise failed to deliver sustained positive aspects to Dogecoin (DOGE), which was down 4% on the time of writing.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Each funding and buying and selling transfer entails threat, you need to conduct your individual analysis when making a choice.