Jun 22, 2021
[1 min Read]
Hold the line.
Bitcoin keeps showing strong support at $29,000. Yesterday became the 4th time Bitcoin has tested the $29,000-31,000 range in the past 5 weeks and bounced right back up to $32,000-33,000. So what is really happening? In my opinion, NOTHING. Bitcoin has been bouncing around this $30,000-$40,000 range for a few weeks now showing a lot of hesitation from traders and institutional money to jump into this market.
As we speak, on the 4-hour chart, the 15-day EMA is being the primary resistance for Bitcoin to bounce back to a higher level, while in the 1-day chart, we can see a golden cross happening with the 50 and 200 Moving Averages, a big bearish indicator.
Patience is key, start filling up those bags around that $30,000 or be patient until we see a real move either to higher levels or lower levels.