- Weekend is here, get ready for fireworks
- Bitcoin takes a hit, goes down to $11,200, this could eventually push to the daily s/r 10.7-8k says trader
- A retest of the $11,120 is expected
Bitcoin went above $11,000 on August 4th and since then it has been trading above this level. Though the flagship cryptocurrency breaks above $12,000 a few times, during the same period, it couldn’t stay above this level for long.
Currently, BTC/USD is trading at $11,300, after a sudden loss of 3.92 percent in a few minutes, while managing the daily trading volume of $1.13 billion, which has come down from $1.9 billion, this week.
Weekend Is Here
Now, we have entered the weekend which during the last uptrend saw heightened activity.
Bitcoin, that trends 24/7, tend sot spike on weekends. Since the beginning of May, the surges in weekend activity has accounted for roughly 40% of BTC price gains.
In December 2017, Bitcoin peaked at $19,666 on a Saturday.
Ladies and gentlemen the casino is just about to open for the weekend.
Place your bets please bitcoin is about to do bitcoin things. pic.twitter.com/PG285o2HDa
— fil₿fil₿ (@filbfilb) August 9, 2019
Cryptocurrencies trade around the clock, unlike securities on most traditional exchanges.
As for why prices tend to spike on weekends, there are some potential reasons such as crypto investors spend the weekends discussing news items with friends and other investors, moving them to trade crypto assets, and crypto companies choosing Mondays for announcements that has many traders trying to get ahead of the news by trading over the weekend.
FOMO Also Play a Part.
But even as prices rise on weekends, fewer people might be trading altogether, accounting for more pronounced price moves.
Bitcoin Propped For a Move
As we make it to the weekend, trader Credible Crypto is expecting more sideways movement before we ultimately continue to the upside. However, once we clear highs, he sees a strong rejection coming that a loss of $11,450 will confirm.
“Here is a very viable alternate count that may have us visit 11k sooner rather than later…Ultimately, still looking to long 10.8-11k and expecting continuation up after.”
Bitcoin, today did just that, fell down to $11,200 in a sudden and sharp move on the weekend.
Similar sentiments are shared by market analysts and trader Benjamin Blunts who says this move could turn out to be a B wave that could take us to $11,200 before we breaking down for wave C that will take us to $12,923.
Nice break out and retest on #Bitcoin.
Bearish if it breaks, but this looks like it wants to push up.
There is a massive seller on Binance selling 300-400 BTC every time we hit $12k though, so stay cautious pic.twitter.com/nzNfWzQMYs
— Jacob Canfield (@JacobCanfield) August 9, 2019
According to analyst, The Cryptomist, RSI pennant has broken up and had a re-test which she says is often followed by bullish price action.
Bitcoin currently has resistance at $11,905 and support at $11,730.
A retest of the $11,120 is expected says trader Scott Melker in his BTC Adam & Eve update. However, trader CryptoISO says, “this could eventually push to the daily s/r 10.7-8k.”
Importance of 11.8k.
Importance of mid range.
Importance of original (unaltered) trend line.
Importance of prior highs.
I think this could eventually push to the daily s/r 10.7-8k. pic.twitter.com/dkF3XozMkE
— CryptoISO (@crypto_iso) August 10, 2019
Bitcoin looks to be prepared for a big move, but it’s to be seen if it would be to the upside or downside.