Bitcoin has had a terrible day but still a fantastic last seven days collectively. The mother and father of all cryptocurrencies has had a red day, losing 11.62% but still a weekly increase of over 18% as we write this. That makes BTC the best performer in the cryptocurrency market among the world’s top 13 cryptocurrencies by market capitalization. No other well-known player has come close for the last seven days except for Monero which has gone up by 19,80% despite its unpopularity among institutional players.
Let’s see what the technical market analysis shows for Bitcoin’s performance.
24-hour technical analysis
BTC is trading at $10,933 as we write this, which is very good in itself, but not as good if you remember that it was above $13,000 only 24 hours ago. But everything still looks excellent, nevertheless. The hourly analysis is neutral, but every other scenario is intensely green. The crypto-king is picking up in the hourly chart, is up by 2%.
Every moving average is signaling to buy, and every technical indicator is doing the same, so there are no red flags at all. It’s all very green in terms of technical signals now.
The price is above the $10,637,80 pivot point but still entirely below the first resistance level of $11,244. This scenario shows that the market is bullish with lots of room to grow. And BTC, no again, is above all the current daily resistance levels so it wouldn’t be shocking if it keeps going up and leaving them all behind.
Monthly technical analysis
The monthly data is even greener. The price is not only above the pivot point, but it’s also higher than the first resistance level, $9962, and getting ready to test the second resistance level, $11400, again even after going down severely today. And that’s according to the classical standards. In the Fibonacci levels, it’s doing even better because it’s left behind two resistance levels already.
Just as with the daily scenario, all moving averages are green, and all technical indicators too.
Let’s not forget that the weekend is approaching. The weekend tends to be slow in the cryptocurrency market. Sometimes even downright bearish. Yes, BTC’s performance was fantastic over the last weekend, and it seems on this weekend too, it will only get better now.
And all that being said, there’s room for caution too. Yes, the market is recovering after heavy losses earlier today, every indicator is green. Does that mean that this is the moment to buy? Technically, yes. But it may be the case that the price is already too high for newcomers to make a profit quickly. This is not to say it can’t happen.
On the contrary, we’re pretty sure it’s unavoidable. But this market is all about timing, and we can’t tell you when the next jump is going to materialize. We all know it’s coming, but we have no date.
So enjoy the good weather we have in the BTC world today, it might be an excellent chance to buy the dip. Just don’t overdo it.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.