Crypto Focus: Buyers have once again come out to try and settle things down

Crypto Focus: Buyers have once again come out to try and settle things down

Overall, it has been a positive week so far for most of the coins. After a pullback from gains last week, buyers have once again come out to try and settle things down.

Could this be the start of a foundation being set by buyers that could turn into a new counter rally? More time is required before we can start thinking that’s the case, but for now, things are ok as sellers have stopped being able to set new lower lows. The top 25 index looks similar to a few of the major charts on the weekly.

One solid bar up followed by a bar lower that failed to test lows and a new fightback this week that, in some cases, has set new weekly highs or beaten last week’s opening price. What we want to see from the buyer side is a hold of the last key low. If this can remain in play, that could continue to feed ideas that a bottom is trying to come in.

For now, most of the coins continue to follow the wider fortunes of risk markets as we have seen a recovery in stock indexes and major risk currencies to the USD. The USD has found buyer demand today, and US employment numbers could add to or hurt that story. While Crypto remains heavily pegged to risk, it might come down to USD demand to see if we see the current lows hold.

Our focus today is on Bitcoin.

BTCUSD D1 continues to look positive. Price gaining over 13%, hitting 22K. price still remains below the main downtrend line, but we have seen a higher breakout of the consolidation pattern. The key now for buyers in the short term is to break 21,750 resistance. A fail there could see price continue to consolidate, but a break could set up a new test of the main downtrend.

BTCUSDDaily

The post Crypto Focus: Buyers have once again come out to try and settle things down appeared first on Eightcap.

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Joseph Jeffriess, Market Analyst in Eightcap
Eightcap is one of the leading CFD brokers in the market, providing online trading services to a wide range of clients from around the world. They offer 1,000+ CFDs based on Forex, commodities, indices, shares, and cryptocurrencies. The well-established trading company was founded in Melbourne, Australia, in 2009, and is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Securities Commission of The Bahamas (SCB).