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Technical indicators are getting to that stage where another big move is becoming imminent on cryptocurrency markets. After several weeks of consolidation this is usually the case which leaves us with the big question; up or down?
Bitcoin Still in Slumber
Very little has happened on BTC markets over the past day or so. A slump that has been going on all week resulted in the digital asset declining 6% to bottom out at $7,100 on Thursday.
Since then it has been a very slow grind upwards to $7,250 where Bitcoin currently trades at the lower region of its three week sideways channel.
A big move is imminent as pointed out by Mr Bollinger himself noting the big squeeze on the charts of most cryptocurrencies.
“Most crypto currencies are at or near Bollinger Band Squeeze levels. Time to pay attention.”
Sentiment is still pretty bearish though and there are more calls for a dump than a pump on CT.
Something is lurking pic.twitter.com/riEIAAfDms
— //Bitcoin 𝕵ack 🐐 (@bitcoinjack) December 14, 2019
In terms of dominance, Bitcoin has slipped down towards 68% according to Tradingview.com. Altcoins are all flat so it is hard to see what has increased in terms of market share.
Other BTC metrics are also bearish such as the fear and greed index which has slipped into ‘extreme fear’ with a rating of 22 today.
With several tests of resistance during the past week and a failure to break them, the bears may be on the right track again this time. The six month down trend has not been broken so it is plausible that BTC will spend the holiday season in the $6k price range.
Elsewhere on Cryptocurrency Markets
There is little to report for most of the altcoins as we enter another weekend. Total crypto market capitalization is still bearish below $200 billion and markets have shrunk by 4% since this time last week.
Volumes and volatility is dwindling for most crypto assets, Ethereum is no exception. Trading around $145 at the moment, ETH has wiped out all gains this year as it returns to January prices. Growing DeFi markets, the prospect of staking and the beginning of Serenity should spell a better year for Ethereum in 2020.
Most altcoins are trading flat at yesterday’s levels, only Tron has made a move with a 5% pump on the day. Its sister token, BTT is also having a crank today adding 14% and Zcash and BAT are also in the green.
Getting dumped on at the moment is VeChain shedding 10% following the wallet hack news.
Image from Shutterstock
