Cryptocurrency prices have held at important levels after the drop over the weekend, signaling that they might be ready for another move. Bitcoin is hovering around the $3,900 mark it dropped to on Sunday, with other coins also following the same trend and seeing very little movement so far this week. This has led to an overriding sense of cautious optimism on social media, with many prominent traders keeping a close watch on proceedings:
$BTC daily update:
This is a perfect example of S/R zones at work – a perfect range.
Play it accordingly by buying support & selling resistance or stay out.
Everything else will chop you up.
I’d personally love to get 3500.
Not sure I’ll get it.
S: 3700 & 3500
R: 3950 pic.twitter.com/UKQuFSn7gW
— DonAlt (@CryptoDonAlt) February 26, 2019
These are the only 2 possible $BTC counts i am paying attention too right now.
keeping a keen eye on 3560 for a rejection which could indicate the bullish scenario is still in play, but short term though i’m still bearish in both scenarios. pic.twitter.com/zWS7FwJ2d3
— ?BenjaminBlunts? (@SmartContracter) February 27, 2019
Ethereum Undecided on Constantinople Launch
Ethereum watchers also seem undecided on the short term future of the coin, with the upcoming Constantinople hard fork having seemingly already played itself out in terms of price action:
– Adam and eve double bottom failed
– Break down from trendline
– Currently forming a bearish pennant on the lower timeframe
We might see more blood in the upcoming days. pic.twitter.com/kVyUsqTUZT
— Crypto Walker (@cryptoWalk3r) February 27, 2019
— CryptoGainzyWest (@CryptoGainz1) February 26, 2019
No March Madness?
Given that we are coming to the end of the month, some traders have chosen to take a longer-term view of the markets going into March, and the general sentiment does not reflect a particularly positive tone.
$BTC monthly chart.
IMO we are in the loooong and boring consolidation period where everyone loses hope, cash out, scream that BTC is a scam and gets liquidated before the next rally.
Are we in the green circle? pic.twitter.com/65OmtKV0Fw
— CryptoHispano (@CryptoHispano) February 26, 2019
This is what a real bottom should look like for those of you having trouble envisioning it.
— ?BenjaminBlunts? (@SmartContracter) February 25, 2019
These views don’t take into account the twin launches of Bakkt and Fidelity into the crypto space however, and there is a chance that these two events could spark Bitcoin, and the market as a whole, into more action. For the short term however it seems to be a case of watching and waiting, with only the bravest traders involving themselves in choppy markets such as these.