Hi Changemakers 📷 here is this week’s analysis on Bitcoin for those of you hoping to make a bit of coin.
Since last week, Bitcoin has made another rally up toward $12.1K, but without enough strength to break it. Recent news has warned that flooding in China may threaten mining operations where 64% of all Bitcoin mining takes place. The IRS (Internal Revenue Service) of the United States has begun claiming taxes from individuals for their crypto earnings. These developments may be a small insight into what is supporting or suppressing Bitcoin prices.
Over the past three weeks, Bitcoin has formed and maintained a strong consolidation pattern between $12.1K and $11.1K,. This has provided an idea to price behaviour that can be capitalised on for shorter time frame trades between those ranges. However, it gives little indication of where price might go next. On the chart, we have hypothesised three different possibilities to watch out for over the next 1-2 weeks. These possibilities can be seen displayed as blue, gold, and red lines on the chart.
Bitcoin still remains in a strong upward trend overall. Key support levels remain at $10.5K, $10K, and $9.1K, respectively; key resistance remains at $12.1K, $13.2K, and $13.8K, respectively. Pay attention to current events in cryptocurrencies and the global economy to make the most informed decisions. Trade smart and trade safe.
Have a great week everyone and thank you for reading 📷
No comments:
Post a Comment