The crypto market continues quite calm this week, with a behavior that pulls bearish due to the intentions of retreating from several participants.
Yesterday Bitcoin managed to increase $ 5,000 in a matter of a few hours thanks to Elon Musk, but today all that intention has been erased, which locks us back on one side.
At the time of this writing, BTC is trading at $ 33,824, accumulating a loss of 8.18% in the last 24 hours.
Ethereum, meanwhile, is trading at $ 1,366.64, losing around 3% in the last 24 hours. And DOT, the now 4th largest cryptocurrency, is trading at $ 16.48 also losing just over 3%.
Here is a review of the behavior of these 3 cryptocurrencies, in order to look for signals that tell us where the next movements will be.
The week in the crypto market is going to end with a Bitcoin resting
A few hours ago it seemed that we could be seeing an awakening of the crypto market this week, when Bitcoin managed to jump strongly to the upside, breaking a sequence of lower and lower lows that it has been manufacturing.
This jump was caused by a simple action by Elon Musk, changing his Twitter bio to just place: #bitcoin. The action was taken by many as a show of support from the CEO of Tesla for the largest of cryptocurrencies, immediately generating a large wave of buyers.
However, the enthusiasm could not be sustained for long, and at the end of the day almost all the gains were eliminated.
Today we see BTC once again locked in a small short-term bearish slope, which has served as a correction for the previous large rise.
We are still waiting for new all-time highs in the near future, and as long as the price doesn’t lose support at $ 28,130, we shouldn’t see any further declines. At the moment, the lateral behavior is most likely spreading a little further before an awakening occurs.
Ethereum hampered by 2018 all-time high
ETH has also failed to wake up this week as the crypto market comes under pressure from BTC’s sideways behavior.
Despite hitting an all-time high in recent days, the price action failed to effectively break through the resistance left by the ATH of early 2018, which has been creating some problems for the bullish force that is being brought.
Now ETH is showing a kind of wedge, chart figure that indicates change in trend as long as it is confirmed. As long as a bearish break does not occur, the odds will continue to rise due to the previous trend.
DOT maintains support at $ 15
Polkadot’s cryptocurrency has also been resting in recent days after setting record prices.
The lateral behavior that this crypto has been accumulating is so far a break from the previous trend before being resumed.
DOT is maintaining support at $ 15, as long as it is not violated we will not see a greater selling pressure. At the moment it is most likely that we will see a bullish resumption in the next hours / days.
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