Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
In today’s blog, we are going to talk about the current market situation. I’m going to share the chart of Bitcoin on the 1-day timeframe, as that is what we always do. In the screenshot below, you can see the 1-day chart where I have added several trendlines while doing a detailed analysis of Bitcoin, and we are going to discuss that in today’s blog. So, let’s start.
First of all, I am going to zoom in on the area where you can see around 6 trendlines, as this is what we need to focus on to understand what the market might bring for us in the coming days. As you can see in the screenshot below, there are about 6 trendlines, and we are currently trading above the last resistance that I had drawn in the chart.
At the moment, Bitcoin is trading at $119,000, and if we are able to see a daily closing above that resistance, which has now turned into support then we could witness a massive pump in Bitcoin.
Now, let’s look at the next screenshot where I have shared an even more detailed chart. Here you can see when this support was last broken and how the market reacted. Back in July, when the $119,000 level was lost, we saw a sharp crash down to $117,000.
Later, Bitcoin recovered and traded back around $117000-$118000, but once again faced rejection from the same resistance. This time, however, we have managed to break through all the resistances, and as I mentioned earlier, we are trading above the last major resistance.
So now, the key thing to watch is the daily closing. If Bitcoin closes above the current support, I strongly believe we could see a massive pump not only in Bitcoin but also across tokens from the Bitcoin ecosystem.
Share your opinions in the comments.
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here. In the screenshot below is my terracore base where you can see that I have 5 attacks and few scraps mined already.
That is the attack from my terracore base that I just did, I also made a attack earlier but they are not worth sharing here. I used four attacks and collectively they got me less than 250 scraps. So this one looks bad but still better from the one I got earlier.
Thank You and make sure to check Crypto Company CEO 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.
