Not much has happened to Bitcoin price, despite this being Sunday, so the weekend optimists will be slightly disappointed, with Asian trading out of the way and Europe already entering the afternoon.
After yesterday’s resistance to further lows, today could not continue in a higher low trend with price briefly dipping to USD 9,406 (CoinDesk). On the other hand, a high of USD 9,699 gives hope that we could see yet another attempt to cross the USD 10,000 mark.
Not much in the way of sentiment, but a lot of traders in these times of sideways trading wonder if we are in for a period of deja vu. This particular trader believes that sentiment and price behavior will always follow a pattern:
Not the biggest fan of fractals but I'm always interested in price behaviour and sentiment. It's all feeling a bit familiar on Bitcoin at the moment
Jan 19 – People waiting for $1,000
Sep 19 – People waiting for $7,000
What if? pic.twitter.com/NdU054UAAE
— Mr. TA (@Trader_M4tt) September 1, 2019
According to him, people waiting for a drop were disappointed back in January, when USD 1,000 was closer to USD 3,000 at the time. The bull began then, so could it begin soon now?
Others still are repeating that the death cross has appeared (it has been since last week) and the last time this happened, Bitcoin unexpectedly took a turn upwards.
So it seems, for now, people are banking that Bitcoin will do the least expected move according to technicals, but that, ladies and gentlemen, is typically what sentiment does.
– Price is now hovering in range.
– As we can see seller becomes weakened and buyers are still buy at resistance.
— Trader 𝙒𝙞-𝙁𝙞 📡 (@traderwifi) September 1, 2019
In any case, we wait and see if we can close Sunday with 1 3-hour candle above resistance, which, at least some traders believe, the sell sentiment will be weakened.
Image Courtesy: Pixabay