Why Hasn't BTC Fallen Faster? Levels of Major Support
Why hasn't Bitcoin fallen faster this year, unlike previous results? History is supposed to repeat itself, isn't it?
For about a month, Bitcoin has stalled in a trading range of 30k-39k. This is somewhat because the 50 Day Moving Average still hovers slightly above, as notated on the chart. With institutionalized trading, we do not have a swift fall as in 2017, but a series of stairs and elevators.
More price stability results, though eventual downfall may be much greater now that the Stimulus Packages are over.
Support and Resistance Levels for Bitcoin
We compute support and resistance levels by taking into account:
1) how many bars has the security price been in a certain range
2) has trading volume increased or decreased in this range
3) Support falls around 30-34k and Resistance at 37-40k
Once we see a drop below the major support, it will most likely be a great time to short.
If it holds support, it would be wise to buy as close as possible to the orange highlighted lines. This is not financial advice.
Always follow your own guidance!
For about a month, Bitcoin has stalled in a trading range of 30k-39k. This is somewhat because the 50 Day Moving Average still hovers slightly above, as notated on the chart. With institutionalized trading, we do not have a swift fall as in 2017, but a series of stairs and elevators.
More price stability results, though eventual downfall may be much greater now that the Stimulus Packages are over.
Support and Resistance Levels for Bitcoin
We compute support and resistance levels by taking into account:
1) how many bars has the security price been in a certain range
2) has trading volume increased or decreased in this range
3) Support falls around 30-34k and Resistance at 37-40k
Once we see a drop below the major support, it will most likely be a great time to short.
If it holds support, it would be wise to buy as close as possible to the orange highlighted lines. This is not financial advice.
Always follow your own guidance!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.