So Bitcoin (BTC) finally rolled back to the S / R level of $ 42,000, which was more or less expected. At the very least, it shouldn’t surprise anyone, which I explained at yesterday’s stream. So we still have to keep $ 42,000. Otherwise, we will fall to at least $ 37,000. But I will personally perceive this as a big problem, because the weekly close will not be favorable at all afterwards.
Current situation at 4H BTC / USD
So, as mentioned in the introduction, bitcoin completely failed in the same place as around mid-February. The rotation took a while, but in the end we got to our support, which is around 42,000 USD. And now there is nothing left but to just wait for the defense to succeed.
If S/R level $ 42,000 will fall, the next stop will probably be around $ 37,000. However, I will perceive this as a huge problem, because the weekly candle would then close in a very unfavorable form. He would just be a complete bear. That’s why it’s most important for bitcoin now to keep that $ 42,000.
If not, the chances of testing the $ 30,000 will increase significantly. Which is the level many are waiting for. But as I said yesterday, I would say that there is an effort to create a turnover structure in the form of a triangle in the range of 33,000 – 46,000 USD. I personally acknowledge that and I think it could be something bigger.
In conclusion
Bitcoin has a unique opportunity to show strength again. But the bulls have to defend levels around $ 42,000. It just won’t work without it. It also depends on the development of the stock market. If it goes down, bitcoin will unfortunately sweep it with you. But the stock market has had enough losses and therefore I think that there should be some recovery there as well. Many weeks go more or less.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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