Bitcoin (BTC) continues to decline, but so far only has penetrated the support zone, which is around $ 42,000. And we just said yesterday’s streamthat Bitcoin has a good chance that the current support will really be defended. I mentioned the arguments for reflection enough on yesterday’s stream, but it is true that we are never 100% sure.
Bitcoin live stream – Fed triggers another slump, will Bitcoin make around $ 42,000 bottom?
Current situation at 1D BTC / USD
Bitcoin slowed its decline yesterday, but continued again tonight. The support did not break through by any chance, but the truth is that the price should probably not go below USD 41,000. This can be a problem if you want to panic, for example.
Today, the course stopped exactly at the places where it stopped in September last year. There is an indisputably large purchasing power that has a good chance of keeping the market from continuing to fall. But if support sales pressure does not stop, the next stop is S/R level 37 000 USD.
Point of control is according to volume profile to $ 34,000, where a large support zone basically begins. That has a lower limit of $ 30,000. But as for the current support, you have to wait for the daily close.
At best, it’s a good idea to have a weekly consolidation on those $ 42,000 with daylight, which has long bottom wicks. We simply want to monitor the purchasing activity that the offer manages to absorb. This is then a strong bullish signal.
Indicators
Daily RSI since May 2021 it has broken the border by 30 points. So far, the value is without a daily close, so it is not yet completely certain. However, we can already state that the local bottom should be at least very close. But it cannot be disputed that there is enough space for a fall. By that I mean that it would be foolish to rule out the possibility of testing the $ 37,000.
In conclusion
Bears have been in control of Bitcoin for almost two months. This is simply a fact that cannot be disguised. If there’s really a chance of continuing the bull run, the $ 42,000 shouldn’t fall. We’ll see how it all turns out.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. 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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