This Technical Indicator Suggests Bitcoin Has Formed a Local Top
- Bitcoin’s price is seeing a slight consolidation phase as it trades around $13,000
- The selling pressure around $13,200 has proven to be significant but bears inability to spark any significant retrace points to some weakness amongst sellers
- If bulls can provide BTC with a strong foothold within this price region, there’s a strong chance that serious upside is imminent
- One analyst explained in a recent tweet, however, that a technical indicator is suggesting that the crypto has formed a local top
- This could indicate that further consolidation, or a slight retrace, is imminent
“Emasar is signaling a local top on BTC. Above ,700 looks like a good place to take some profit. I have orders to rebuy from ,777 – ,226,” he said.
Bears have been ardently trying to stop BTC from gaining a firm foothold within the lower-,000 region.
Where the entire crypto market trends next depends entirely on Bitcoin.
This could mean that some downside is imminent, as one analyst explained in a recent tweet that a historically accurate indicator is now suggesting that a retrace is imminent before BTC sees further gains.
Bitcoin Consolidates at $13,000 as Bears Guard Against Further Upside
It remains unclear whether or not the selling pressure here will continue halting its momentum as the weekend fast approaches.
One analyst spoke about this in a recent tweet, pointing to BTC’s Emasar indicator while putting forth a downside target around ,200.
Bitcoin and the rest of the crypto market have been struggling to extend the recently incurred momentum due to BTC’s resistance in the lower-,000 region.
Indicator Suggests BTC has Formed a Local Top
It is important to note that there is one indicator suggesting that Bitcoin has formed a local top, signaling that a move down to the lower-,000 region is imminent.
This only marks consolidation on a micro-scale, but it is important to note that a continued bout of trading beneath this level could strike a blow to buyers’ current strength.
At the time of writing, Bitcoin is trading up marginally at its current price of ,990. This is around the price at which it has been trading throughout the past 24 hours.
Featured image from Unsplash.
Charts from TradingView.
How the market continues trending in the coming few days should provide investors with serious insights into Bitcoin’s mid-term outlook.
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