Those investors who missed the jump on the Bitcoin bandwagon could look forward to good entry opportunities in the coming days. For almost two weeks now, the price of Bitcoin has been stumbling downwards. Where are the good buying opportunities and when will it go up again? You can find the answer in this article, which analyzes the chart on a weekly, daily, and 4-hourly basis.
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The price of Bitcoin with important support
As described in the last report, the last weekly low at $45,231 is the next gauge for the price of Bitcoin. Should the price fall below this level and fail to directly recapture it in the next week, the weekly trend will be in serious danger.
Currently, the buyers have nothing to laugh about. The price of Bitcoin has been pushed down by the bears since reaching the all-time high at around $65,000. After $45,231, the price can find the next support in the area between $38,200 and $40,500. There is the zone from the Weekly and Daily High from early January. Moreover, a strong moving average is located there as additional support.
Bitcoin’s price bearish in the day
After the price of Bitcoin broke through the last low, it is now up to the bulls. If the bulls continue to lack strength, the Weekly Keylevel becomes interesting as mentioned above. Still, the willing buyers do not show willingness to catapult the price back up.
In the daily view, the bullish structure was broken and a lower low was formed. This continues to give strength to the bears. Currently, there is no sign of a bottom formation, which should please investors hoping for lower prices to re-buy.
Identical price trend, same breakout?
The 4-hour chart currently shows another consolidation, which is classified as a trend continuation. If it actually breaks this consolidation to the downside, then the next target is the Weekly Keylevel described above. Above the price, there is a strong resistance zone with the two Daily Keylevels, which range from $50,373 to $51,619. The Bitcoin price would have to get above this zone first to maintain a chance of another run-up.
As always, in this highly volatile market, only trade with money that you are willing to lose in the worst case scenario. Have a strategy and stick to it. Tradementor will help you learn this strategy.
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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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