{"id":401311,"date":"2019-10-14T06:00:16","date_gmt":"2019-10-14T06:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=401311"},"modified":"2019-10-14T05:29:05","modified_gmt":"2019-10-14T05:29:05","slug":"bitcoin-readies-for-next-big-move-after-slow-weekend","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-readies-for-next-big-move-after-slow-weekend\/","title":{"rendered":"Bitcoin Readies For Next Big Move After Slow Weekend"},"content":{"rendered":"

The weekend has been largely lethargic for Bitcoin and crypto markets with little movement out of their trading ranges. A couple of tests of resistance occurred but BTC was beaten back by the bears and quickly retreated to its support level. A breakout will come soon and traders are eyeing entry and exit zones.<\/p>\n

Bitcoin Fails to Break Resistance<\/h2>\n

Since its very brief pump to $8,700 on Friday, BTC fell back to support at just above $8,300 and remained there for the duration of the weekend. Very little has happened to prices until late Sunday trading in the US session when they were pushed above $8,400 for a couple of hours.<\/p>\n

This too did not last with Bitcoin returning sharply to support again signaling a lack of buyers to take the asset higher. At the time of writing, Bitcoin had fallen below weekend support levels and was trading at around $8,280, just below its weekend support zone according to Tradingview.com<\/a>.<\/p>\n

\"bitcoin\"<\/a>
BTC price 1 hour chart – Tradingview.com<\/figcaption><\/figure>\n

A death cross appears inbound on the daily chart and this could be as soon as next weekend if the consolidation continues. The last time the 50 day moving average dropped below the 200 day MA was in March 2018 and a year-long bear market followed.<\/p>\n

Long term trader and analyst Nick Cote has eyed what he described as an \u2018easy setup\u2019 forming for Bitcoin.<\/p>\n

\u201cUpside= $9,000 – $9,300 (Throwback level)
\nDownside= $7,450 – $7,700 (Weekly support block)
\nA good 9% move on each side of the break.\u201d<\/p><\/blockquote>\n

\n

Easy set up forming on #bitcoin<\/a><\/p>\n

Daily inside bar pattern.<\/p>\n

Upside= $9,000 – $9,300 (Throwback level)
Downside= $7,450 – $7,700 (Weekly support block)<\/p>\n

A good 9% move on each side of the break.<\/p>\n

The previous two inside bar setups I shared yielded 25% and 5% spot price movements. pic.twitter.com\/mcGrCfAVEA<\/a><\/p>\n

— Nick Cote (@mBTCPiz) October 14, 2019<\/a><\/p><\/blockquote>\n