Key Points
The combined market cap of cryptocurrencies has dropped by 1.5% in the past 24 hours to $3.2 billion. Why is crypto down today? Bitcoin (BTC) has sent a sell signal in the hourly chart after hitting a sell wall at $97,600.
Top altcoins are also down, with Ethereum (ETH) booking a 2% drop in the past 24 hours, while XRP has gone down by 3.2% during this same period.
Fridays are typically bearish for cryptos except when new economic data is released. The reason for this is that futures traders tend to liquidate their positions ahead of the weekend.
Liquidity typically drops on Saturday, causing prices to behave a bit erratically until the Asian session opens on Sunday night.
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This week’s most relevant economic data has already been released. So, the market is a bit boring today.
Our Signals System Suggests Neutral Outlook for BTC Unless This Happens
Our free crypto trading signals for Bitcoin (BTC) suggest a neutral positioning for the weekend. The reason: We are getting conflicting signals across the four time frames we typically analyze.
We are getting buy signals on the daily and 4-hour charts and sell signals for scalpers.
The 1-hour chart is typically our favorite for quick trades. In this time frame, the $95,000 area seems to be key support to watch. If bulls manage to keep Bitcoin above this area during today’s American session, it is highly likely that we could get a move toward $100,000 during the weekend.
A descending triangle has formed as a result of BTC’s latest price action. So, despite this sell signal, the top crypto could explode to higher levels if it breaks out of this pattern.
The Relative Strength Index (RSI) still has to jump above the 14-period moving average to confirm that positive momentum is accelerating.
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Church ($CHRCH) Aims to Use the Power of Web3 for a Noble Cause
Church (CHRCH) is a faith-based project that aims to radically change how resources are allocated to evangelical churches across the globe.
This is a community-governed token that has a clear vision: leverage the power of Web3 to get growing churches the funds they need to keep pursuing their mission.
Its ambitious roadmap includes the launch of a DAO that will select and fund top projects submitted by local churches across the globe.
If you want to learn more and be a part of this new movement, you can visit the official website of Church Token ($CHRCH).
