Bitcoin: Building support at 43,600 necessary for attacking 45k
Updated
With simplicity on the chart, it looks a lot like Bitcoin is building a necessary support at ~43,600 which is necessary for the major attack to finally conquer ~45,000
If the past 2 weeks we haven't seen much clarity on the charts, unsure were all of this is going, we now finally start to get a sense of the general direction.
It is most likely we have already seen the bottom. Most of us can agree that we are massively oversold, and it is more likely we will go up than more down.
45,000 is the nemesis. Conquering this price level is most probably the final milestone before entering ~50,000
If the past 2 weeks we haven't seen much clarity on the charts, unsure were all of this is going, we now finally start to get a sense of the general direction.
It is most likely we have already seen the bottom. Most of us can agree that we are massively oversold, and it is more likely we will go up than more down.
45,000 is the nemesis. Conquering this price level is most probably the final milestone before entering ~50,000
Note
As an update after 10 hours, support building continues as we also discover a new minor resistance level at ~44,200 respectively ~44,500.It is somehow funny that bears play such minor resistance games but on other hand, larger swings are becoming less and less common for Bitcoin, which is an effect of institutional funds.
Many traders in the TradingView chat have mentioned that slow uptrend but quick downtrend is a sign of an overall dip. That is not necessarily true if institutions prefer a less volatile Bitcoin, which they do, it's in their nature.
Longs and shorts will take longer to get filled at this level. Traders should practice a significant amount of patience.
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