Bitcoin traders weigh next move with BTC price at crucial 200-week trendline
Bitcoin (BTC) cooled the volatility into the June 8 Wall Street open as market participants waited for signals
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling a key long-term trend line near $26,500.
After flash volatility surrounding industry news events, the pair returned to sideways trading after bouncing from three-month lows.
Now, the 200-week moving average (WMA) formed a critical focus.
“We are currently sitting right on the 200WMA,” trading suite Decentrader wrote in part of the day’s analysis.
Decentrader opted for a conservative view of short timeframes, warning over an increasing long/short ratio on exchanges and that the U.S. trading session may open with selling.
The LTF bear case for #Bitcoin:The Long/Short ratio is continuing to increase.We are currently sitting right on the 200WMA.The US market tends to sell when they wake up, especially if there's more negative news. https://t.co/NqhnbMZ5BL pic.twitter.com/ajorEbYr7n
Popular traders, including Crypto Tony, were on the sidelines until a more pronounced trend became apparent.
“This is the structure i am currently going by on Bitcoin and i remain out of a position while we are mid range,” he told Twitter followers on the day.
An accompanying chart showed a potential downside target in a “support zone” at just below $26,000.
“Unchanged view on Bitcoin. Consolidation, falling wedge. Not overly interesting until we get a breakout,” fellow trader Jelle agreed.
More optimistic takes came from popular trader King La Crypto among others, who eyed a potential repeat of upside from early March. This, as Cointelegraph reported, ultimately resulted in highs of $31,000.
It's happening again.#Bitcoin $BTC https://t.co/so3Jyj23QL
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