BITCOIN (BTCUSD) – Week 21 – Going to the resistance?
In the previous update (last week) that we did on the crypto market, Elon Musk had told everyone that he has suspended car transactions using Bitcoin due to the increase of fossil fuel consumption by the miners. This week, the price continued to go down despite the fact that Musk tweeted that he didn’t sold any of Tesla’s Bitcoin position and that he is in the game long term.
Another bearish trigger for the prolonged fall was that China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
Technically, BTC reached 30k USD on May 19th, and then it bounced back impulsively to 42k USD. The price action that we see now is trapped between 2 zones, one of support at 28-30k USD and one of resistance at 46-48k USD. The higher probability move for BTCUSD is an up move to reach at least the resistance area marked on the chart. We advise caution, because we are in a powerful downtrend and this may continue.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Another bearish trigger for the prolonged fall was that China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.
Technically, BTC reached 30k USD on May 19th, and then it bounced back impulsively to 42k USD. The price action that we see now is trapped between 2 zones, one of support at 28-30k USD and one of resistance at 46-48k USD. The higher probability move for BTCUSD is an up move to reach at least the resistance area marked on the chart. We advise caution, because we are in a powerful downtrend and this may continue.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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