- The cryptocurrency market remained in a holding pattern on Monday as concerns related to the broader economy and the threat of a U.S. default on its debt continue to hamper activity in all financial markets as traders sit on the sidelines amid the uncertainty.
Data provided by TradingView shows that Bitcoin once again finds itself hovering near support at $26,900 after swinging from a daily low of $26,600 to a daily high of $27,135 in trading on Monday.According to Kitco senior technical analyst Jim Wyckoff, June Bitcoin futures prices were trading steadily in the early hours on Monday, and"Prices are still in a downtrend on the daily chart."
For analysts at Eight Global, the price action seen since the middle of April has amounted to an ABC pattern which"could technically be complete for BTC" at this point.Eight Global noted that while the C-wave went lower than the initial A-wave, the two are approximately the same length from a price drop perspective, and at this point, it's worth considering"that the bottom of the C-wave may be in.
As for what levels to watch out for to signal a continuation upward, the analysts pointed to a BTC price of $29,000 and an"RSI breaking above 50" as a"higher conviction" signal that prices are once again on the uptrend.
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Source: CryptoAmb - 🏆 22. / 68 Read more »