Bitcoin | Is the volatility over? 7900 or 3850 again?
Updated
A short Bitcoin analysis of the bigger time frame. Bitcoin had in the last few weeks, a lot of volatility with a move, all the way down to 3850.
At the moment of writing Bitcoin is back above 6k (fighting for the 6700 level) and is up 73,18% from the current low.
Something i noticed is that nobody is talking anymore about the upcomming Block Reward Cut. This will bring the mining reward back from 12.5 to 6.25 a block. Maybe to keep in mind if you trade..?
We are below the 20 Monthly Moving Average (currently at a price of 6991) and for now that will keep the price of bitcoin bearish.
Of course we have the death cross at the moment, but since everyone already spamming tradingview with charts of that, so i don't want to talk about that again.
In my point of view, the current resistance is at 7147. Once we can close a weekly candle above that price and hold that, i expect that we will get a move to 7800/7900.
If we can't hold our current support at 6343, we will have a big change to see the current lows again.
A short overview:
Thank you for reading and let me know what your
At the moment of writing Bitcoin is back above 6k (fighting for the 6700 level) and is up 73,18% from the current low.
Something i noticed is that nobody is talking anymore about the upcomming Block Reward Cut. This will bring the mining reward back from 12.5 to 6.25 a block. Maybe to keep in mind if you trade..?
We are below the 20 Monthly Moving Average (currently at a price of 6991) and for now that will keep the price of bitcoin bearish.
Of course we have the death cross at the moment, but since everyone already spamming tradingview with charts of that, so i don't want to talk about that again.
In my point of view, the current resistance is at 7147. Once we can close a weekly candle above that price and hold that, i expect that we will get a move to 7800/7900.
If we can't hold our current support at 6343, we will have a big change to see the current lows again.
A short overview:
- We are below that 20 Week Moving Average
- Bitcoin block reward will cut in half in less than 50 days
- Death cross on the Daily
- Support at 6343
- Resistance at 7147
Thank you for reading and let me know what your
Note
Note
We have a new gap in the CME Futures, let's see how the market will react today..
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