Bitcoin Long Term View
We received many good news like billionaire investor Carl Icahn’s told that he is considering entering crypto in a big way but this hardly made any difference to crypto prices. This is just another hint that the sentiment is bearish and crypto markets are not reacting positively to favorable news. However it not means that bulls have stopped buying. Tether Mcap reached all time high and we are seeing new USDT continue printing. Today Circle the company behind the fast growing dollar pegged coin USDC, has raised $440 million in fresh capital also. But we not see any bounce in btc price yet.
Trader should keep a close watch on fundamentals of bitcoin and crypto space to understand long term price action.
TA: In 1 day chart, BTC continue showing weakness. BTC drop hard on May 19 after bearish head and shoulder breakout on one day chart. BTC price bounce from support ie 30000 bt pull back multiple time from 200 day moving average ie $40700. MA 50 day also crossing MA 100 down side which make Death crossover.
In 4 hr, btc price dump after bearish head n shoulder breakout. we can see that btc also forming symmetric triangle pattern which support at 32500 and close to it will be good buy for bitcoin. First short term resistance will be 37800 and 40k-43krange. 300 moving average also at $31200 which will provide good support for btc.
Last bt not least , BTC charts showing weakness but fundamentals are too strong. So no need to be too much bearish. We will not surprise if btc give quick bounce at any stage due to strong fundamentals. Bulls must be activated at 30k-33k range.
Trade between lines only.
Trader should keep a close watch on fundamentals of bitcoin and crypto space to understand long term price action.
TA: In 1 day chart, BTC continue showing weakness. BTC drop hard on May 19 after bearish head and shoulder breakout on one day chart. BTC price bounce from support ie 30000 bt pull back multiple time from 200 day moving average ie $40700. MA 50 day also crossing MA 100 down side which make Death crossover.
In 4 hr, btc price dump after bearish head n shoulder breakout. we can see that btc also forming symmetric triangle pattern which support at 32500 and close to it will be good buy for bitcoin. First short term resistance will be 37800 and 40k-43krange. 300 moving average also at $31200 which will provide good support for btc.
Last bt not least , BTC charts showing weakness but fundamentals are too strong. So no need to be too much bearish. We will not surprise if btc give quick bounce at any stage due to strong fundamentals. Bulls must be activated at 30k-33k range.
Trade between lines only.
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