Traders are watching technical short-term barriers over bullish long-term fundamentals. The sentiment prompts Bitcoin, with its upper trendline acting as resistance and the lower trendline acting as support, to fluctuate within a triangle-like technical pattern. That’s all the flagship cryptocurrency has offered: with no breakout attempts, near-term long/short prospects.
Instead of expanding their bullish goals somewhere above Bitcoin’s recently-established all-time peak of $19,915, it seems better for traders to take short-term calls. Their previous efforts to do so resulted in stop-loss triggers, which led to liquidations in the Bitcoin futures market worth billions of dollars.
After topping out at $19,915, Bitcoin created a sequence of lower daily highs. Meanwhile, $18,000 is kept by bulls as their support. Before one realizes which stage breaks first, it is only a matter of time.
Bitcoin is modestly down by 0.43% but it still trading over $19,200 confirms an intraday bias dispute. However, the technical indicators flash a sell-off alert that could drive the market down to $18,000 this week. After printing its ninth and final candlestick, the TD Sequential Indicator finished its cycle. This means that the price will begin a downward shift in the form of red candlesticks. In addition, the price is close to its upper resistance range on shorter timeframes, hence profit-taking actions by day traders.