Two days ago, when Russia declared war on Ukraine and the war began, the price of Bitcoins fell by more than 7% and reached about $ 34,400. Bitcoin was strongly supported by the Bulls at this price and returned to $ 39,800.
Bitcoin is currently trading at $ 39,118. The price entered the $ 40,000 channel this morning but failed to break the range again. In the following, we will deal with technical analysis. Bitcoin currently dominates about 41.8% of the total market.
The digital currency market fear and greed index has reached 26 today and is still in the fear range. Of course, it has recovered a bit from the past few days, but the cryptocurrency market still has a long way to go before regaining investor confidence.
In the 4-hour time frame, the bitcoin rising channel has been one of the reasons for its price growth again. Bitcoin hit very good growth on a bullish day as it hit the bottom of this uptrend channel.
Currently, the price of Bitcoin has reached the middle of the channel, which is a technical level (support, resistance). The reason for the fall of Bitcoin from the price of $ 40,000 today is the midline of the uptrend channel. In addition, $ 40,000 is a level of psychological resistance.
If the price goes above the middle of the channel and we see a stabilization candle in this range, we can expect bitcoin to grow to the next resistance of about $ 41,200. Otherwise, if the price falls again from this resistance range, the next destination will be the current channel floor.
Bitcoin is currently trading at $ 39,118. The price entered the $ 40,000 channel this morning but failed to break the range again. In the following, we will deal with technical analysis. Bitcoin currently dominates about 41.8% of the total market.
The digital currency market fear and greed index has reached 26 today and is still in the fear range. Of course, it has recovered a bit from the past few days, but the cryptocurrency market still has a long way to go before regaining investor confidence.
In the 4-hour time frame, the bitcoin rising channel has been one of the reasons for its price growth again. Bitcoin hit very good growth on a bullish day as it hit the bottom of this uptrend channel.
Currently, the price of Bitcoin has reached the middle of the channel, which is a technical level (support, resistance). The reason for the fall of Bitcoin from the price of $ 40,000 today is the midline of the uptrend channel. In addition, $ 40,000 is a level of psychological resistance.
If the price goes above the middle of the channel and we see a stabilization candle in this range, we can expect bitcoin to grow to the next resistance of about $ 41,200. Otherwise, if the price falls again from this resistance range, the next destination will be the current channel floor.
Note
During this timeframe, the conditions of the pattern and the price movement are such that they indicate the possibility of a rise in the coming days, and we can enter if it returns to around $ 37,000. Other cryptocurrencies can also start their uptrend with the positive movement of Bitcoin .
Note
On a 1 hour timeframe, the pattern conditions are such that in the short term, there is a possibility of going down and reaching about $ 37,000, and in the medium term and higher timeframes, it is an upward trend. It will be good for re-entry if it reaches the range of $ 37,000.
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Related publications
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.