Introduction
The price action Bitcoin experienced over the last 24 hours above $94,000 was a good trigger for bulls (myself included) to regain optimism.
The bullish sentiment did not last for many hours, as the market lost strength in the bullish direction and executed a further pullback to -1.4%, an element that put optimism in caution.
According to several statements from metric analysis experts, this further pullback to the $94,000 area projects that a “new player” is beginning to turn this important area into resistance.
A favorable element for traders is that despite the pullback experienced by Bitcoin, most of the large-cap alternative cryptocurrencies remained relatively balanced, i.e. in a sort of flat zone.
Although the performance of the alternative cryptocurrencies generates a certain sense of calm, it is not a fact to trust, so I believe that we should execute operations with caution and wait for the market to define a direction and only then decide to trade it with confidence.
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image background: Source: es-us.noticias
