BTC current support + potential re-test
Updated
As you can see from the chart, we failed to break out from the downtrend from 64K.
Current short-term support is 42K as this is the 4th test in 1 month. A break down below 42K, could take us into Range X; which has its floor at 30K.
RSI is signaling further weakness as we break below the 50 level (drawn horizontally).
I want to note Bitcoin falling along-hand equity, means BTC cannot act as a safe haven; and should actually be considered a risk-on investment. As we notice Treasuries are the only thing up today.
Current short-term support is 42K as this is the 4th test in 1 month. A break down below 42K, could take us into Range X; which has its floor at 30K.
RSI is signaling further weakness as we break below the 50 level (drawn horizontally).
I want to note Bitcoin falling along-hand equity, means BTC cannot act as a safe haven; and should actually be considered a risk-on investment. As we notice Treasuries are the only thing up today.
Note
broke support drawn and is now testing it as a resistance level.
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.