- Analysts and traders expecting a downward move
Bitcoin is back in the red zone.
Starting the day around $10,175, Bitcoin continues its downward move, going down to as low as $9,913.
Currently, BTC is trading at $9,993 with 24 hours loss of about 2 percent, as per Coincodex. Daily trading volume registered by the leading cryptocurrency is still low at $490 million.
Analysts and Traders Expecting a Downward move
Analyst The Cryptomist says,
“I am looking at one more touch on RSI pennant on both support and resistance before big move!”
Another bearish projection is made by veteran trader Peter Brandt as he comments on Bitcoin’s descending triangle.
“One thing I have learned from 45 years of trading: Markets have a tendency to do what the most number of market participants least expect and don’t want to happen. Descending triangles are most often bearish.”
And another bearish one,
Trader and investor Josh Rager also sees Bitcoin heading back down to $9,600 to $9,700.
Altcoins Following Bitcoin
We started the week at above $10,300 only to take a drop to almost $10,000 level and then back above $10,300 on the same day.
After not registering much movement rest of the week, on Sept. 19, Bitcoin tumbled down to $9,600, losing almost $500 under 5 minutes.
Then, the same day BTC price went back to $10,300 and since then it has been constantly moving downwards.
Altcoins, after having a great start of the week are back in the red with Stellar (XLM) in the lead registering 5.61% loses.
Interestingly, the total market cap has come back to where it started the week at $266 billion. During this week, we went as high as $273 billion and dropped as low as $261 billion, to no effect.
BTC dominance, on the other hand, is currently at 69.4%, down from 71.6% from earlier this week and 73.5% from earlier this month, as per TradingView.
Next week is expected to be an interesting one as two big events, in the form of Bakkt’s physically settled Bitcoin futures launch and CME’s Bitcoin futures expiration are projected to define the BTC price movement for the coming weeks or months.