Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
We will talk about the Bitcoin and current market situation to understand how we might see the market shaping in coming weeks. The market recovered a little from recent crash but now we are seeing a downfall again. have a look at the chart below and it is the chart we have always used for the analysis of bitcoin.
At 1d time frame we saw that the things are still working for bitcoin above that major support. In the screenshot below a detailed version of the chart is shared where you can clearly see that the support is where the price is heading towards. The thing to see here is whether or not bitcoin will be able to hold that support.
If you see carefully the recent recovery did nothing but confirmed the upcoming downfall as bitcoin struggled to break the short time frame resistance and that means we are not only going to break this support downwards but maybe we will have to see if we will be able to hold on to the next support or not.
Above screenshot I have drawn that next support where we are going to see bitcoin go. I think we should break that one as a big liquidation will already happen if a wick is created below that support and that will actually happen with bitcoin in my opinion.
The price to look at it 109.5k USD and we should see some consolidation there before we come back again to hunt the higher levels. I think a short bearish sentiment in the market has triggered this but with good news in coming days things can turn the other way around easily.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
