Last week we mentioned that BTC may retest the support level, but after reaching the level(40500), it dumped. After dumping over the weekend,the price now stuck at 35200 which generated high volume on Jul.26 last year. The previous support level has turned to a resistance level. In the present situation, it is difficult for price to threaten the resistance level(40500). We can see that long side take the attack like last candle shown, but the current candle almost brought the price back to previous low . The gap between the long and the short is too large and the short power in the market shows no signs of fading.
Conclusion: Mostly falling. Based on the reaction of long and short, the decline is not over. The resistance level is 40500 and we set support at 30000.For BTC, this support level is a critical position on TA. We think the price may reach 30000 and how the long perform at this price is important. If the long side defends level(30000) successfully, they can make preparation for the escape from the bearish channel later. But if the level is effectively broken through, the consequence is catastrophic. Now, the movement of BTC is not only important to itself, but also to the whole crypto market.
Conclusion: Mostly falling. Based on the reaction of long and short, the decline is not over. The resistance level is 40500 and we set support at 30000.For BTC, this support level is a critical position on TA. We think the price may reach 30000 and how the long perform at this price is important. If the long side defends level(30000) successfully, they can make preparation for the escape from the bearish channel later. But if the level is effectively broken through, the consequence is catastrophic. Now, the movement of BTC is not only important to itself, but also to the whole crypto market.
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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.