Bitcoin '6-8 weeks' after breakout as Hang Seng echoes Lehman Brothers drop
Volatility is closing in, but traders may have to wait until the end of the year if history is to repeat itself, warns a analyst.< /p>
Market Update
Bitcoin (BTC) waited for hints at Wall Street's open on October 24 as expectations of a breakout were high.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView followed an unremarkable trading day for BTC/USD after the pair hit weekly highs of $19,700 overnight.
Despite what Michaël van de Poppe, CEO and founder of trading firm Eight, called the US manufacturing data “much worse than expected”, Bitcoin suffered a downward trajectory today there.
This led on-chain analysis resource Material Indicators to suspect that resistance would remain in place.
"Sunday BTC failed in all its attempts to reclaim the 2017 Top," he said, summarizing the price action of the last 24 hours according to his own trading indicators.
“The change in trajectory of the Trend Precognition A1 slope line after the close of D and W indicates loss of momentum. Price is currently pinned between the 50-day MA and the trendline pending the opening of TradFi. »
Van de Poppe, meanwhile, set sell levels to beat at $19,600 and $20,700, adding that the US dollar and US bond yields were "showing slight weakness".
"Bullish momentum fades on bond yields", popular Game of Trades trading account
Volatility is closing in, but traders may have to wait until the end of the year if history is to repeat itself, warns a analyst.< /p>
Market Update
Bitcoin (BTC) waited for hints at Wall Street's open on October 24 as expectations of a breakout were high.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView followed an unremarkable trading day for BTC/USD after the pair hit weekly highs of $19,700 overnight.
Despite what Michaël van de Poppe, CEO and founder of trading firm Eight, called the US manufacturing data “much worse than expected”, Bitcoin suffered a downward trajectory today there.
This led on-chain analysis resource Material Indicators to suspect that resistance would remain in place.
"Sunday BTC failed in all its attempts to reclaim the 2017 Top," he said, summarizing the price action of the last 24 hours according to his own trading indicators.
“The change in trajectory of the Trend Precognition A1 slope line after the close of D and W indicates loss of momentum. Price is currently pinned between the 50-day MA and the trendline pending the opening of TradFi. »
Van de Poppe, meanwhile, set sell levels to beat at $19,600 and $20,700, adding that the US dollar and US bond yields were "showing slight weakness".
"Bullish momentum fades on bond yields", popular Game of Trades trading account
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