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While the crypto market showed resilience in trading on Monday, the same cannot be said for the traditional markets as investors reduced their level of activity ahead of a busy week of economic data. At the close of markets in the U.S., the S&P, Dow and Nasdaq all finished in the red, down 1.79%, 1.40% and 1.93%, respectively.
In the battle for control of the price action, “Bulls have the slight near-term technical advantage to suggest the path of least resistance for prices is sideways to higher in the near term,” Wyckoff concluded.Additional insight was offered by Michaël van de Poppe, CEO and founder of Eight Global, who said that “BTC's daily timeframe gives mixed signals for now” in his market update newsletter.
“A reclaim of the range, as shown with the arrow, would make the outlook a lot more bullish,” he said. “From here, therefore, the expectation is that price will shoot back into the range, reject the initial strong resistance around $18.5-19k and then come down for a retest of the range low.”