Bitcoin (BTC) and the aggregated crypto markets have climbed slightly today after facing significant downwards pressure over the past couple of days.<\/p>\n
This recent price action has signaled that bears are currently in full control of the cryptocurrency, and without a major push by bulls, Bitcoin could face an incredibly weak weekly close that spells trouble for the weeks and months ahead.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up over 1% at its current price<\/a> of $9,550, which is up slightly from its daily lows of roughly $9,350 and is down significantly from its recent highs of $10,200.<\/p>\n Bitcoin\u2019s bearish price action as of late was first sparked by its parabolic ascent towards $11,000 that occurred last weekend.<\/p>\n Over the past several weeks, Bitcoin has been setting lower highs on a fairly consistent basis, a trend that first began in late-June when the crypto finished its parabolic rise with a sharp movement towards $13,800, which remains the 2019 high.<\/p>\n Chonis Trading, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin\u2019s near-term price action in a recent tweet, noting that it is currently within a tight range that will likely elucidate which direction it will head next.<\/p>\n \u201c$BTC This is the only trade I\u2019m interested in today. If #bitcoin pumps to the green line I\u2019ll short it. If it breaks lower support I\u2019ll patiently wait for a scalp long around $9K, either way I expect to be in and out rather quickly, this is not the environment to hold trades open,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a> This is the only trade I\u2019m interested in today. If #bitcoin<\/a> pumps to the green line I\u2019ll short it. If it breaks lower support I\u2019ll patiently wait for a scalp long around $9K, either way I expect to be in and out rather quickly, this is not the environment to hold trades open pic.twitter.com\/T2sG36TRcC<\/a><\/p>\n — BIG Chonis (@BigChonis) July 28, 2019<\/a><\/p><\/blockquote>\n\n