BITCOIN → Fear in the crowd is a bullish sign ↑ Flag and SFP
Updated
BTCUSD is experiencing times of high fear and negative sentiment among the crowd. From a psychological point of view, this could end in a bullish momentum. But there is always a but!For now, big buyers are actively holding back a possible fall amid transfers of the previously hacked crypto exchange Mt.Gox to its debtors and BTC sell-offs by German authorities:
Germany will get rid of all its BTC in two days. (at the current pace of sales).
Yesterday, 16,038 BTC were transferred from the country's government wallet to various crypto exchanges and market makers.
Since June 19, 26,071 BTC have been sold.
There are only 23,788 BTC left on the wallet
In April, the average cost of BTC mining among the largest public miners was $53,000, technically, the level of average cost of BTC mining plays the role of an intermediate bottom.
Judging by the growth of volumes and price entry into the area of the lower boundary of the "flag" pattern, buyers appear on the market and at the moment stop the price fall, forming a sideways range of 58500-53500. Accordingly, a breakdown of one of the boundaries may trigger an impulse to one side or the other, based on the technical nuances there is a probability that there will be an attempt to break the resistance.
Resistance levels: 58500, 64000
Support levels: 53500, 53000
Fundamentally, the environment is difficult due to Germany and Mt.Gox, but investors are waiting for the approval of ETH-ETF, which may bring back the bullish mood to the market (indirect impact on BTC).
Technically, the emphasis is on the range. A break of 58500 will give bullish momentum, a break of 53500 may allow the price to decline to the 50500-51000 risk zone
Regards R. Linda!
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The fundamental background is favorable, but the price is held by sell-offs and fear of the crowdThe buyer is trying to pass through the resistance, a gradual renewal of local highs is forming.
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Bitcoin is strengthening on the news of the botched shooting of former President Trump. The cryptocurrency community is positive about this news, some cryptocurrency meme coins that are directly related to Trump are in a rally phase
Note
Realization begins
BTC tests 63K
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The first goal is almost achieved :)
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Bitcoin treads 64,000A false breakdown is possible on local timeframes, and fixing the price above 64K will be a good signal to go even higher
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Bitcoin is trying to consolidate above 64KShort-term target 67K
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