LIVEthis is a weekly update on bitcoin.
In the last review we said that the price broke the downtrend and is likely to continue to grow, but possible tests of supports at the levels of 67 and 65 thousand, and cancel the whole Long scenario is at going below 60 thousand.
But the upward movement did not accelerate, in fact we had a false breakdown, and that we will go to test the supports wrote in the updates to the weekly post. As you know the negativity in the market was related to the political situation in the middle east.
At the moment technically the instrument tested 60k on the squeeze, the drop was about 15% but even more altcoins suffered the most. From 60 thousand included a buyer, perhaps we will once again see a test of support at the levels of 63 or 60 thousand, the key zone at the moment resistance is at 67-68 thousand from where the fall began, in fact, a symmetrical triangle has been transformed into a rectangular consolidation where the price will spend some time. Always DYOR.
Stay tuned.
LIVEHey, guys,
this is the weekly bitcoin update.
In the last update we traded around 70k and talked about the bullish scenario remaining, but possible tests of 67, 65 and 63k supports, locally the price was in a rectangular consolidation and after its breakdown we saw a test of 65k level, from where the price was bought back.
At the moment I still believe that the growth will continue.
Locally, the price broke through the downtrend today and is coming out of the consolidation. The nearest targets are 75 and 79 thousand. Bitcoin likes to make false breakdowns with the test of supports, so do not be surprised if we will test 65 and 67 thousand again.
Cancel scenario is still below 60k, as long as we are above this support, we should work from buying.
The events this week that the market is watching, and may lead to volatility, is Wednesday April 10, where the US inflation data will be released, the consensus market forecast is that inflation will rise to 3.4%, which is negative and may give a moderate correction in the market, if the data comes out worse than forecast, we may see a local panic, but the drawdowns will be recouped and corrections can be used for good entry points. DYOR.
Stay tuned.
LIVE