Bitcoin preserves “important” $19,600 zone
At the time of writing, Bitcoin traded around $20,250, having gone on to reach $20,447 on the day.
Michaël van de Poppe, CEO and founder of trading firm Eight, had flagged the lows as a suitable entry point.
Popular trader Il Cap of Crypto meanwhile reiterated his existing thesis over short-term crypto market prospects. BTC/USD should continue rising, he argued, before a decisive rejection sends the market below its recent trading range.
“Some shitcoins might be the exception and have higher returns. Then I would like to see bearish signs, but yeah, that resistance should hold. We would then see a strong bearish move towards new lows.”
Analyst sees S&P 500 losing 500 points
The crypto forecast meanwhile tied in with expectations of a comedown for United States equities, with which Bitcoin and crypto remain highly correlated.
The Index was up around 2.5% over the week, finishing the Oct. 5 trading session at 3,783.
“A major buy signal won’t happen until the Fed pivots or the market undershoots the fair value,” Timmer explained.
He added that the markets en masse were “at the mercy of the Fed cycle” of interest rate hikes.
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- ^ TradingView (www.tradingview.com)
- ^ $20 million in liquidations (www.coinglass.com)
- ^ wrote (twitter.com)
- ^ predicted (twitter.com)
- ^ descending from highs (cointelegraph.com)
- ^ Bitcoin repeats key bear market move as $19K becomes key BTC price zone (cointelegraph.com)
- ^ said (twitter.com)
- ^ According (www.cmegroup.com)
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