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Investing.com – A state of anticipation appears to dominate the trading session for the next few sessions, as feelings of greed that had dominated traders and peaked on September 7th.
However, with the breaking of the upward wave, coinciding with the activation of El Salvador’s decision to adopt a national currency, digital currencies entered a violent downward wave, as a result of which they suffered more. of $ 370 billion in losses in two days.
However, the market is consolidating and most cryptocurrencies have reached significant resistance levels, but caution appears to be the dominant feature of the performance of traders awaiting the stimulus of market liberalization.
Greed turns to fear
A recent report from Delphi Digital indicated that the sudden drop in the price of Bitcoin last week surprised the market and led to a significant drop in market sentiment from greed to fear, and the price performance of Bitcoin over the past week. the past week has been in response as traders re-enter the markets with caution.
Currency analyst Pentoshi sees a bullish flag forming on the 4-hour chart and subsequent retest of the key support and resistance level at $ 46.8.
According to Pentoshi, several upcoming developments could lead to more bullish momentum in the market, including the growing list of BETF orders that are to be governed by the SEC.
Bentoshi also suggested that if a breakout occurs that could restore the PoB to $ 49.38, it could be a sign that the market is about to break, making it an important level to watch.
Important levels
Insight into Bitcoin price action on the lower period charts was provided by cryptocurrency trader Crypto_Ed_NL, who described Bitcoin’s recent moves as ‘deceptive games’ with the market.
According to the store, the price of Bitcoin is now consolidating below $ 48,000 and has yet to provide any signs of continuation, indicating traders’ caution as a breakout to the upside is not guaranteed.
However, Crypto_Ed_NL doesn’t think this latest price pullback is “how to initiate a bigger drop”, indicating a possible rally in the near future.
Analysis of Bitcoin price action was provided on the chart of the highest weekly period by a cryptocurrency analyst and a Twitter user with the pseudonym “Rekt Capital”, who indicated that Bitcoin is on the market. good way to get a decent weekly close with a new weekly low if he can. stay above $ 46.3.
There is a well-defined support and resistance level near $ 48.93 which has been the source of the current struggle to break higher, and for now Bitcoin appears to continue to consolidate in its current range.
walk now
The digital currency market is trading with a market value of around $ 2.15 trillion, while the market value was seen at levels of $ 2,088 trillion yesterday, Saturday, before resuming its rise.
Bitcoin is now down around 1.2%, but it consolidates the highest levels of $ 48 thousand, as it grows in one week by 6.5% and a market value of $ 905 billion.
As Ethereum drops 2% to levels of $ 3.44,000, while it rises 4% in one week and its market value is $ 402 billion.
It declines 1.2% to levels of $ 2.37, while it declines 6.4% in one week, and its market value is $ 76 billion.
Binance Coin is down 2%, but it is still consolidating above the $ 410 levels, while rising 1.5% in one week, with a market value of $ 69 billion.
And it declines by 1.1%, while the highest levels are still priced at $ 1.08, and it increases slightly in a week by less than 1%.
In contrast, it alone increases 3% to levels of $ 160, with a market value of $ 48 billion, but it declines in a week by 8.5%.
The article does not express a recommendation or appointment, but simply a monitoring of market fluctuations, as digital currency trading involves high risks, including the risk of losing all or part of the investment amount, knowing that ‘it is not fully submitted to the financial authorities. and markets.
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