Could Bitcoin Be On The Move?
Bitcoin formed a high at $42,000 on January 8th 2021, which was then followed
by a pullback. Price then broke above that high to create a new all-time high
at $64,894 on April 14th 2021.
The buyers soon gave control back to the sellers, and in May 2021, price came
down to $42,000 and used this level as support for a couple of days.
It did appear that this level was going to hold, but on May 19th 2021, price
broke down through this level with a large bearish candle that came just
points away from hitting $30,000.
Panic ensued, and ever since then, price has been in consolidation, bouncing
around between $28,600 and $42,000.
Price now appears to be approaching $42,000 once again, and if the momentum
pushes price hard enough to break out above this level, then we also want to
see price move above the daily 200 simple moving average.
At the moment, Bitcoin continues to move sideways, but a breakout to the
upside or the downside of the consolidation zone will give us an early
indication of where price may be heading to next.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
by a pullback. Price then broke above that high to create a new all-time high
at $64,894 on April 14th 2021.
The buyers soon gave control back to the sellers, and in May 2021, price came
down to $42,000 and used this level as support for a couple of days.
It did appear that this level was going to hold, but on May 19th 2021, price
broke down through this level with a large bearish candle that came just
points away from hitting $30,000.
Panic ensued, and ever since then, price has been in consolidation, bouncing
around between $28,600 and $42,000.
Price now appears to be approaching $42,000 once again, and if the momentum
pushes price hard enough to break out above this level, then we also want to
see price move above the daily 200 simple moving average.
At the moment, Bitcoin continues to move sideways, but a breakout to the
upside or the downside of the consolidation zone will give us an early
indication of where price may be heading to next.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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