{"id":16012,"date":"2021-07-24T07:01:10","date_gmt":"2021-07-24T07:01:10","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=16012"},"modified":"2021-07-24T07:30:58","modified_gmt":"2021-07-24T07:30:58","slug":"news-commentary-1418-bitcoin-possible-bullish-scenario-if","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=16012","title":{"rendered":"News Commentary #1,418 \u2013 Bitcoin | Possible Bullish Scenario if.."},"content":{"rendered":"

Fresh news about Bitcoin, this time from market analyst Diego Colman.<\/span> At the moment, the price is rising, so investors \/ holders \/ administrators of HYIPs should try to predict the next movements of the crypto market and, in particular, the price of bitcoins.<\/span> <\/span><\/p>\n

At the moment it seems that 2 of the platforms<\/strong> listed on EN actually deal with real crypto trading<\/strong> .. But a little more about them and why we could guess so in one of the following articles.<\/span> I think if you look closely on monitor<\/a>, you can determine which platforms they are .. \ud83d\ude09 Comment below if you think you know..<\/span><\/span><\/p>\n

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BITCOIN WEEKLY FORECAST: SLIGHTLY BULLISH<\/h2>\n
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  • Bitcoin\u2019s medium term outlook remains negative, but a near-term bounce may be in the cards<\/span><\/li>\n
  • Crypto b<\/span>uyers could return to the market if BTC\/USD\u00a0manages to hold\u00a0<\/span>steadily\u00a0<\/span>above key support in the $29,150\/28,600 range<\/span><\/li>\n
  • If\u00a0<\/span>a technical rebound takes place<\/span>\u00a0after the recent sell-off, the $36,000 area would become a possible upside level of interest<\/span><\/li>\n<\/ul>\n

    Bitcoin’s\u00a0<\/span>(BTC\/USD)\u00a0<\/span>outlook has deteriorated severely after falling more than 50% from its all-time high near $65,000 set on April 14. Although the medium-term technical\u00a0<\/span>landscape<\/span>\u00a0has been damaged<\/span>\u00a0as price now trades below its 200-day and 50-day SMAs<\/span>, there are some signs that the worst\u00a0<\/span>is\u00a0<\/span>over<\/span>\u00a0and that a temporary bounce may be just around the corner.<\/span><\/p>\n

    One of the reasons for optimism is that the $29,150\/28,600 support zone<\/strong> has been very effective in containing declines in recent weeks. In fact, the price has not been able to close below this region on a daily basis since last year. As we can see in the chart below, each time the\u00a0<\/span>area<\/span>\u00a0has been tested, bulls have subsequently managed to push prices higher. The last time this happened was this week, when BTC\/USD briefly fell to $29,300 to quickly bounce back above $32,000 in a matter of days.<\/span><\/p>\n

    In the week ahead, if prices\u00a0<\/span>hold<\/span>\u00a0above the $29,150\/28,600 floor<\/span>\u00a0steadily (the line in the sand) and starts trending higher<\/span>, buyers could be\u00a0<\/span>emboldened<\/span>\u00a0to re-enter the market on the assumption that weakness is abating and that the massive sell-off, having run its course, has come to an end. If this\u00a0<\/span>scenario materializes<\/span>, the crypto asset could be on the verge of a bullish move towards\u00a0<\/span>key resistance in the\u00a0<\/strong><\/span>$35,950\/36,675\u00a0<\/span><\/strong>range<\/strong>.<\/span><\/p>\n

    A few events that have taken place in the last few days may reinforce the recovery narrative. For example, JP Morgan\u2019s decision to allow its financial advisors to give all its wealth management clients access to cryptocurrency funds may be seen a as tailwind for Bitcoin.\u00a0<\/span>At the same time, Elon Musk’s admission that his space exploration company\u00a0<\/span>SpaceX owns Bitcoin<\/span>\u00a0and\u00a0<\/span>other\u00a0<\/span>supportive comments about the prospects for cryptocurrencies can also be seen as a somewhat\u00a0<\/span>positive variable<\/span>, as they may offer some comfort to retail traders who thought the Tesla CEO had\u00a0<\/span>bailed on<\/span>\u00a0this market.<\/span><\/p>\n

    When analyzing\u00a0<\/span>bullish<\/span>\u00a0outcomes, it is also important to consider bearish cases. That said, if Bitcoin pivots\u00a0<\/span>lowers<\/span>\u00a0and falls below the $29,150\/28,600 technical barrier decisively, all recovery bets are off, as this\u00a0<\/span>development\u00a0<\/span>could pave the way for a major move to the downside capable of taking the token towards trendline support\u00a0<\/span>around<\/span>\u00a0the psychological $20,000 mark<\/strong>.<\/span><\/p>\n

    BITCOIN TECHNICAL CHART<\/h2>\n

    \"Bitcoin<\/p>\n<\/blockquote>\n