Big support on BTC

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. 

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chavamolina

Jun 22, 2021
· POSITION CLOSED

2.90%

Position Return %

33882.00

Price When Posted

982.00

Position Return

BTC

bitcoin

43056.00

497.72
1.17%
Current Price

Big support on BTC

bullish

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. 

 

 

 

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read-time
1 min

40660.00

Target Price

9/ 10

Confidence

2-4 Weeks

Timeframe
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Moving Average
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RSI
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Volume
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Bollinger Band
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