Markets and Prices

Bearish Weekly Close Could Create More ‘Buy Bitcoin’ Opportunities

Martin Young | Jul 08, 2019 | 01:54

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Bitcoin and crypto markets have been mostly sideways over the weekend. There has been little movement in either direction for BTC and most of the high cap altcoins and all eyes have been on the close of the weekly candle.

Bitcoin Price Closes Below Resistance

The four hour chart has been showing lower highs for the past week or so however the range is tightening up which could lead to a possible breakout. With an intraday high of $11,700 and a low of $11,000 BTC remains range bound for now trading at 00.

BTC price 1 hour chart. Tradingview.com

Trader and analyst Josh Rager has been eyeing the charts for the next move and is leaning towards a bearish one following the close of the weekly candle.

“Bitcoin closed below the resistance while at the same time tapped the tippy top of the support near $9,614. With lower-highs on the 4 hr chart, I’d look to lean bearish as we start the week. But you know that you’d love to buy more BTC and crypto under $10k”

$BTC Weekly Close

Bitcoin closed below the resistance while at the same time tapped the tippy top of the support near $9,614

With lower-highs on the 4 hr chart, I'd look to lean bearish as we start the week

But you know that you'd love to buy more BTC and crypto under $10k :) pic.twitter.com/az2NEBXtNS

— Josh Rager 📈 (@Josh_Rager) July 8, 2019

On the upside, any move below five figures may well trigger another ‘buy Bitcoin’ frenzy as we witnessed last week when BTC fell to $9,600 briefly.

Full-time trader and self-styled financial revolution prepper ‘Financial Survivalism’ has also hinted at a move to the downside and expects Bitcoin price to drop back into four figures this week.

“I’m expecting $BTC to return to 4 figures within the next 48 hours. Main reason is the high volume shooting star from last week.
Confirmation comes from the charts below:
1st weekly Stoch sell signal since Dec 17
Overbought W ADX
Bearish TK Cross on D cloud
4h Bear channel”

I'm expecting $BTC to return to 4 figures within the next 48 hours. Main reason is the high volume shooting star from last week.

Confirmation comes from the charts below:

1st weekly Stoch sell signal since Dec 17
Overbought W ADX
Bearish TK Cross on D cloud
4h Bear channel pic.twitter.com/DMPguJfHwI

— Financial Survivalism (@Sawcruhteez) July 8, 2019

The sentiment appears to be spreading across CT this Monday morning as others echo the possible end of the rally.

“In the near term, I think upside on $BTC is limited. Likely the top is in for the next 3-4 months. Better to build some support first before the 6 fig moon mission.”

Altcoins In The Green

Not all is bearish during Asian trading this morning. A number of the altcoins are actually posting pretty good gains over the past 24 hours. Ethereum has made almost 6% taking it back over $300 again, and Tron is on a flyer surging 9% to retake a top ten place.

Monero is up a similar amount as XMR reaches $105 and Crypto.com Chain is in double digits this morning with an 11% pump. Total market capitalization has added $8 billion so maybe the altcoins could be starting to finally decouple from their commander at the top.

Will Bitcoin price drop back to four figures this week? Will there be favorable situations to buy more Bitcoin?Add your thoughts below.

Images via Shutterstock, Tradingview, Twitter: Josh Rager @Josh_Rager, Financial Survivalism@Sawcruhteez