Weekly Recap – 10-02-22
Top 5 by MCAP
Although this recap is mostly all about Bitcoin, it’s still important to discuss the overall health of the Top 5 as numbers 2-5 do have sway in the altcoin world. This weekly recap will be brief but will still cover all the major highlights you may want to keep an eye on over the week.
Bitcoin Weekly - Mid-Term
Last Week brought very little excitement to Bitcoin and the rest of the cryptocurrency market. There were times when the volatility was very high, but the overall weekly shows nothing more than a failed attempt by the Bulls to gain some ground.
We did see a High into the $20Ks but the Weekly close was just barely above $19K. We remain range-bound at the moment.
Bitcoin Daily - Short-Term
Bitcoin Daily continues to show a struggle in the mid to low $19’s. We have seen this Support turn to Resistance and back to Support too many times already. We had a near touch of the overall downtrend line, and rejection was found. Three days later, there was another attempt at the trendline, but this too was rejected and pushed price back to the $18’s.
The bulls are surely looking for a trendline breakout while the Bears are looking to sweep the lows from the previous Lower-Low. The current trend is down, and the Bears have the momentum at the moment.
Here we can see the two critical areas that are coming up this week for both the Bulls and the Bears. Both are very significant.
For the Bulls, breaking out of this trendline would be reason enough for some long-term traders to start buying Bitcoin and calling for a reversal.
For the Bears, a break below that $17,500 area means that the first sweep of the lows back in June was only the beginning, and we would be clear at that point for a very heavy sell-off.
If you enjoyed this article, consider sharing with friends on Social Media. Lets grow the Community together!