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Przemyslaw Ceglarek / Dreamstime.com
Bitcoin There may be a procession again. But there is work to be done first.
The last time I talked about cryptocurrency was in October 7, 2021 traded around $ 55,000. I wrote that Bitcoins stumbled on a $ 6,000 rally on October 6 after a reduction of $ 40,000. It was the strongest rally since last February. As a result, my career was forecast to reach $ 60,000- $ 65,000 defensive zone quickly.
However, since there was a three-month price tag in that area, I argued that more time was needed to overcome that strong block. Finally, I wrote that as long as Bitcoin is supported by around $ 45,000- $ 50,000, it will be in a position to push it to new heights in the coming months.
So what happened? Bitcoin has grown from $ 55,000 to about $ 69,000. But then in three weeks it dropped 40% to $ 42,300. Take a look at the daily chart for “Big Day Regional” with the largest one-day business area starting May 19, 2021. (That was the day of high sales pressure with the label “internal low.”)
Although the recent December 4 low fell more than Monday, support for the $ 40,000 trend line has come to a standstill. Note how that last hurdle was before their price reached its peak on April 21, 2021. It was an obstacle during the mid-May period when prices were falling, and has now been supported since August. (Bitcoin traded below $ 43,000 on Tuesday afternoon.
But the weekly chart shows how scary the $ 60,000-65,000 resistance zone is. Yellow “Reduction Signs” are several weeks in which the low or low price closes. Therefore, we need to expect Bitcoin to stabilize prices before it can be used for any important event and then it will take a long time to “buy” it.
Andrew Adison of Institutional view, A research service focused on technical analysis.
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