From the news below, everyone can get a brief technical information on possible further steps in the price of bitcoin. Someone is waiting for a further fall, someone is sure of the beginning of growth.
*I remind everyone that the crypto market is still very young and speculative, so the price can do something that no one expects even given the technical picture. So be prepared for anything.
P.S. Thanks to all EN readers for warm words recently and for supporting the Scam Detector feature. We always knew it would be useful for everyone and it would start cleaning up all scam sources including fast scam projects, AHM sources who pretend to be objective and some “paid-for-lie” monitors. Also thanks for warm words to some of you hyip admins, who try to create stable and strong platforms and notify us about it. Keep doing what you do the best and keep providing all investors with really strong platforms.
We have just started, to be continued …
Let’s read below:
Bitcoin price is holding gains above the $33,000 support zone against the US Dollar. BTC could start a fresh increase as long as it is above the $33,000 zone.
- Bitcoin corrected lower, but the bulls remained active above the $33,000 zone.
- The price is now trading just below the $34,500 support and the 100 hourly simple moving average.
- There is a major contracting triangle forming with support near $33,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent increase if there is a clear break above $34,500 and $35,000.
Bitcoin Price Eyes Fresh Increase
Bitcoin spiked higher above the $35,000 resistance, but it failed to extend gains. BTC traded as high as $35,130 before it started a fresh downside correction.
There was a break below the $34,500 support level and the 100 hourly simple moving average. It even traded below the $34,000 level, but the bulls were active near the $33,500 level. A low was formed near $33,594 and the price is now consolidating losses.
It climbed above the 23.6% Fib retracement level of the recent drop from the $35,130 swing high to $33,594 low. It seems like there is a major contracting triangle forming with support near $33,750 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.comIf bitcoin price fails to stay above the triangle support and then $33,600, there could be a sharp decline. The next major support is near the $33,250 level. If there is a downside break below the $33,250 and $33,000 support levels, the price could continue to move down. Any more losses may possibly push the price towards the $32,200 support.
*********************************
If one of the paying programs on our Monitor appeals to you, please support EmilyNews by registering for it on our website. Thanks very very much!
EN web Support Chat | Hyips and Crypto questions – HyipChatEN
Telegram Chat for Crypto and Hyip reports: @HyipChatEN
*********************************
Be the first to get most important HYIP news everyday!
Simply Follow EN Facebook, EN Telegram, EN Twitter
or Subscribe to EN Feedburner and submit your email address!
If you like this article and want to support EN – please share it by using at least few of social media buttons below. Thanks and See you tomorrow!
