Another Retest of $11k But Bitcoin Remains in the Chop Zone

Crypto markets have been relatively flat this weekend but bitcoin has made it back to the $11,000 level, albeit very briefly. The altcoin market has been slowly shifting but weekend activity has been poor for many of them.

Bitcoin Returns to $11K

BTC returned to resistance above $11k during early Asian trading today. According to Tradingview, it topped out at $11,120 before pulling back sharply in one large red hourly candle. Over the next couple of hours bitcoin returned to its intraday support zone of $10,500 before stablizing at its current level 00.

BTC price 1 hour chart.

The golden cross of the 50 and 200 moving averages on the hourly chart indicates a very short term trend reversal, but the opposite has occurred on the longer term 4 hour chart.

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Trader and analyst going by the twitter handle @Davethewave, has compared current chart patterns with previous ones labelling it as a period of indecision.

“The period of indecision before the second move down….”

The sentiment has been echoed by other traders and analysts, who have described bitcoin’s current position as being ‘in the chop zone’ …

“$BTC – What to say? We’re now in the chop zone!
1. reclaim white line as support, it goes to 0.618 at 11,6k
2. get another rejection here and we start the correction down to 7,4k as it always gets back to 1.618 (fibs are friends)
Alts will run from below 9k”

The Fib levels are quite clear on this chart with obvious resistance and support zones as bitcoin continues to consolidate above five figures. The swing low over the weekend touched down on the hourly 50 EMA late Friday when BTC dropped to $10k again. Since then, there have been no revisits to four figures.

Altcoins Slowly Shifting

With BTC less than a percent changed over the past 24 hours it is no surprise that the altcoins are equally inactive. A couple of billion has been added back into total market capitalization, which is currently over $290 billion, but bulls have been slow to return to the market.

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There has been no movement in the top three after BTC either; ETH is still at $225, XRP up a little at $0.328 and Litecoin is struggling to break $100. The biggest mover is Bitcoin SV which has cranked 14% on the day to reach $180. Bitcoin Cash and Tron have added 5% while LEO, Cosmos and Tezos are up over 7 as altcoins outperform bitcoin in a rare move this Sunday.

How long with bitcoin remain sideways? Add your thoughts below.

Images via Twitter @Davethewave, Shutterstock, Tradingview

The Rundown

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Author: Martin Young

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