The resistance zone between about $59,000 and $60.000 seems to be insurmountable for Bitcoin’s price right now. Continued weak volume in the upper time units and bearish signals in the lower time periods could be indicators for another wave down. In this analysis, you will learn where potential support can be found. As always, we look at the chart on a weekly, daily, and 4-hourly basis. Long-term investors watch out!
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Bitcoin’s price soon to reach $15,000
Beyond any imagination and contrary to the fundamental events of the past year, it is still possible from a chart perspective that the price of Bitcoin will fall back to $15,000 once again. How to come up with such an absurd idea? Through zones of resistance and support.
One of the many greater probabilities is that broken resistance zones will be approached one more time to test them for their value. In the case of the weekly chart. Only that this zone was not yet approached from above and tested. However, this would also mean that all those who did not catch the train at that time will get another chance to jump on.
Example of a Bitcoin’s price breakout
A nice example of this phenomenon can be found in the Daily chart. More specifically, the time frame from August 2019 to around August 2020. The blue zone offered strong resistance to the Bitcoin price for a long time. The bulls kept running from the bottom but were repelled again and again until the end.
Then, after this zone was so weakened and broken by the bulls, the Bitcoin price came back to test the value of the current support. This was the beginning of the current bull run.
No pretty signals in the 4-hour chart
As described in some reports before, the higher time units tend to show a weak picture. Accordingly, this is also reflected in the 4-hour chart. The price of Bitcoin is struggling with a resistance zone that cannot be broken at the moment. A sideways phase lasting several weeks or even a deeper correction could be heralded.
Depending on the time frame, potential supports are always located where the price of Bitcoin has often shown a reaction. Be it as former resistance or support. Therefore, plan your entries and exits carefully. Only trade with money that you can lose in the worst case. Otherwise, continue: Happy Trading!
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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