So Bitcoin (BTC) is still consolidating us in the broad price range, which is roughly limited to $ 29,000 – $ 33,000. I announced that there is a high probability that bitcoin within this band will slap for some time. Respectively, that I would not rely on the arrival of reactions, as was the case last spring.
The last fresh test of the most key support therefore showed us that the aggression on the part of shoppers has disappeared. Sales pressure has stopped, but that’s all. There is obviously no quick rally up. Therefore, you need to be patient and not panic. This is still the strongest support at higher price levels – the prism of several years is a fact.
Update 15:20
As I wrote in the discord group, inflation was published in the USA. Although inflation fell year on year, a slightly larger decline was expected. At that moment, the markets overflowed, including bitcoin. Bitcoin went down again very hard and accompanied by maximum volumes. So either it’s a final shakeout or the support band is waiting to fall. I think the support will stand it, but at the moment it looks really pale. The stupid thing is that the first stronger support is up to about 20,000 USD. The S / R levels before are not much and it’s hard to say whether the course will react to them at all.
Current situation at 4H BTC / USD
As can be seen from the chart, some proactive reaction came early Tuesday morning. However, growth did not last long. It lasted only a few hours and then the positive moment immediately stopped. A turn followed and we have been declining de facto slowly since then. The resistance from shoppers is evident here, but it is not decisive at all.
Bitcoin was a little stunned. Respectively, the fear in the markets is really known. Even the biggest FOMO boys suddenly predict further declines – they have the crystal balls broken forever. By that I mean that as long as we are in our support zone, he does not have to deal with anything like that and panic unnecessarily.
Of course, the band can fail. This is no guarantee. But so far it has really been a reliable level, so I wouldn’t break the stick right after 48 hours. In addition, the entire financial market is extremely oversold. Of course, this is not a guarantee for a successful rebound, but the crowds of panickers are usually wrong. That’s why I wouldn’t be completely on their side.
In conclusion
So nothing has changed since yesterday. It is good to remain patient and wait to see what the market will do in the end. Of course, it’s reasonable to calculate with the possibility that the $ 30,000 simply won’t last and be prepared for that possibility.
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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