Daily BTC review: We didn't expect that close on Bitcoin y'day
***Hello crypto fam, I do daily Bitcoin / Ethereum review here*** Let's look at #Bitcoin 🧵👇
Not very promising close on Bitcoin yesterday, this is not what we were expecting, definitely showing a lack of demand at the moment.
I would really like to see prices hold above 32.5K to 32K area, bulls need to show up here.
$33,200 should provide good support on a 4h chart, and if you're looking for long here, then have some tight SL at 32K. I personally think daily close below 32K may not be good for bulls.
Looking at fundamentally, Bitcoin's hash rate has dropped a lot and it's currently at the level as of last year May-2020 which is not a fundamentally bullish sign. I believe the hash rate will go back up, but when is the question.
Until then let's take it day by day and enjoy the process.
Happy trading!
PS: This is not financial advice, DYOR. please position your trading size correctly.
Not very promising close on Bitcoin yesterday, this is not what we were expecting, definitely showing a lack of demand at the moment.
I would really like to see prices hold above 32.5K to 32K area, bulls need to show up here.
$33,200 should provide good support on a 4h chart, and if you're looking for long here, then have some tight SL at 32K. I personally think daily close below 32K may not be good for bulls.
Looking at fundamentally, Bitcoin's hash rate has dropped a lot and it's currently at the level as of last year May-2020 which is not a fundamentally bullish sign. I believe the hash rate will go back up, but when is the question.
Until then let's take it day by day and enjoy the process.
Happy trading!
PS: This is not financial advice, DYOR. please position your trading size correctly.
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