Cryptocurrency market over the weekend saw yet another bullish breakout above critical resistance price levels but failed to establish a rally resulting in dead cat bounce scenario. While this is clear evidence that cryptomarket has found the bottom in short term and that bulls retain the major hand in war between bulls & bears over control of overall price momentum, it is also clear indicator that bulls lack the strength and fundamental support required to establish a rally even in case a news of event provides the bulls with an opportunity and trigger for making a breakout price action.
Headlines With Dovish Content Failed To Impact Price Action
This is also proof that bearish headlines are failing to have any lasting impact as news of CBOE shutting down its Bitcoin futures failed to create a bearish breakout. A bearish breakout has been widely expected in the market for quite some time now given the fact that bears managed to drag major crypto pairs on sharp downside move on multiple occasions over the last fortnite. However, price action over the weekend made clear to global investors that bulls retain a strong hold over price action in immediate and near future trading sessions. While the price of Bitcoin and major legacy crypto coins fell below critical resistance price levels today the price action still remains well near resistance handle.
As of writing this article, BTC/USD pair is trading at $3985.5 down by 0.01% on the day while ETH/USD pair is trading at $138.39 down by 0.94% on the day. Moving forward today the price action will likely see range-bound momentum in both Bitcoin and legacy crypto coins given the clear lack of any major market update or headlines that could give bears an upper hand in price momentum. According to data reports from some major cryptocurrency exchanges, current trading volume is very high and nearly at levels last seen around January 2019. This suggests that interest in market is rising once again now that crypto coins seem to have found a bottom in short to medium term outlook and this suggests that bulls are likely to retain control of price action in immediate and near future trading sessions in global cryptocurrency market.
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This article was originally posted on FX Empire
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