BITCOIN ON KEY SUPPORT AND PSYCHOLOGICAL LEVEL
BitCoin is on key support and psychological level of around $30,000 per coin. Bitcoin is in a falling trend channel in the medium long term. Falling trends indicate that the currency experiences negative development and falling buy interest among investors. The price fell below $31,000 support on Monday after sideways trading gave way to downside pressure and hitting local lows of $30,235. Traders had broadly predicted a move downward after Bitcoin had failed to hold on to support levels higher up, with the integrity of $30,000 itself being called into question. Last month the price formed a triangle on a daily basis, and if the price bounces back from the current support level, it would be possible to quickly test the previous resistance at $40,000 or move higher at levels around $50,000 or $58,000 significantly when regulatory discussion on Bitcoin exchange-traded funds is entering its ‘’final stages’’ and that the company is committed to turning GBTC into such a product. But if the price breaks and stays below that critical support level of 30K, its downward movement can reach the next psychological level around $25,000 or $19,000. If the downward movement continues to $19,000, it will confirm the broken daily triangle and reached triangle neckline.
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Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
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