Crypto trader Captain Faibik highlighted an interesting development in the bitcoin market this past week: the first weekly red close for BTC since early October.
He notes that this marks the end of an 8-week run of positive momentum for bitcoin. Up until now, BTC had carved out eight straight winning weeks, buoyed by growing institutional adoption and a bullish market structure. However, sentiment can shift rapidly in crypto, and a single red weekly candle was enough for bearish voices to emerge across the market.
Importantly, though, Faibik believes the long-term bull case still looks intact, stating, “Bulls are Still in Complete Control.” So while bitcoin’s meteoric rise has paused, the macrobull trend appears to remain unchanged, at least for now. With BTC still up significantly in 2023, there is ample room for periodic cooldowns amidst a larger uptrend.
Meanwhile, Faibik points out that Polygon’s MATIC token is setting up for a potential breakout, as it appears to be coming to the end of a period of consolidation within a large symmetrical triangle pattern on its multi-month chart.
He believes a clean break above triangle resistance could trigger substantial upside, with Faibik eyeing further gains into early 2024 if Polygon can begin trending higher again here.
Presently, there is an interesting mix of caution and optimism across crypto markets. While BTC’s bull run has shown the first cracks, opportunities like MATIC demonstrate the potential for big breakouts heading into 2024.
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