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Bitcoin remains at the height of resistance
While Bitcoin (BTC) has apparently exceeded $ 4,000, while it failed to return below this level during the brief sale Friday night, badysts are certain that cryptocurrency still has resistance essential to meet, exceed and preserve.
In a recent TradingView article, Magic Poop Cannon, a popular badyst, pointed out that even though BTC far exceeded a "mighty" long-standing resistance, Bitcoin was highly depressed at $ 10,000, $ 8,500 and $ 6,500, as well. as the moving average over 150 days, this push was made on a relatively light volume. This shows that "market players are not yet ready to engage in cryptography", which means that a dip below the level, currently at $ 4,000, is all the more likely. Most importantly, Bitcoin has failed to keep itself above the upper fork of a current triangular channel, which, according to Magic, means "indecision" for traders. Thus, although $ 4,000 has been spent, it would be fair to claim that the cryptocurrency market has not yet emerged from the current state.
Magic writes that until key resistance levels of $ 4,200 to $ 4,400 are removed, after blocking Bitcoin during its previous attempts to burst, the market would chop aside, blow and eventually , would return below the promising level of $ 4,000.
Murad Mahmudov took up these ideas in a recent appearance on BlockTV. Although he briefly recognized the move above $ 4,000, he said the much higher level to watch for was between $ 4,200 and $ 4,400. He cited an indicator that he had created, Real Value, which shows that the average investor currently has a base cost of $ 4,300 in Bitcoin, making it a key level at monitor.
As reported by Ethereum World News Saturday, the aforementioned two are far from being the first to have drawn attention to the importance of the prices mentioned in Bitcoin. Alex Krüger wrote yesterday that, based on a simple history of historical market movements, a move of more than $ 4,200 would mark the end of the current downward trend of crypto.
While BTC is failing to keep the uptrend, some fear that higher highs of this continued rise are unlikely.
Keep your eyes on the road to crypto
The time may have come for the cryptocurrency market to stumble, but many are certain that Bitcoin is entering the realm of "make or break". Trading Room has recently attracted attention on Bitcoin's quarterly chart, often used by long-term investors, to draw attention to the seven-month moving average of exponentials (7 EMAs).
Historically, the 7 EMA has served as a base for cryptocurrency in its bullish and resistance cycles during its recessions. The badyst seems to be implying that with this trend, which is currently in the process of collapsing, resembling a trend observed at the bottom of the 2014-2016 cycle, a three-month resumption of the candle should be triggered.
Image title courtesy of André François Mckenzie via Unsplash
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