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Bitcoin Looking Vulnerable Before Elon Musk Stepped In

1 month ago
in Live
4 min read
Bitcoin (BTC) Builds for the Next Big Break, BTC/USD Levels
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Key Talking Points:

  • BTC/USD was signalling at increased bearish pressure before a sudden 11% surge this morning
  • Find out what levels to look out for as BTC/USD recovers volatility

VOLATILITY SHIFTS TO EQUITIES

After a few very busy weeks at the start of the new year, Bitcoin has taken the backseat in the last few days as investors piled into US shares, shifting volatility towards equity markets. The impressive surge of single-name equities like GameStop and AMC entertainment caught the attention of many traders looking for rapid gains, taking the attention away from cryptocurrencies for a few sessions.

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Trading Forex News: The Strategy

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Whilst away from all the attention, Bitcoin price has been consolidating after breaking below the symmetrical triangle, and now seems trapped below the 35,000 mark and the 50% Fibonacci (29,112) from the 16,000 – 42,000 surge. This range is also marked by the 20-day and 50-day simple moving averages, strengthening their potential to act as support and resistance levels.

Trading interest seems to have returned to cryptocurrencies as many of the companies targeted by retail traders in the last few days have faced trading restrictions, leaving investors looking for other sources volatility, although retail investors now have limited influence over the price of Bitcoin.

BITCOIN LEVELS

The key area to look out for now is the 30,000 mark, where price has been able to find support since the beginning of January. But there have been various attempts to break below and a succession of lower highs is now threatening to bring BTC/USD below this level as a descending triangle pattern could be coming to an end.

Momentum indicators are somewhat mixed given the lack of momentum in Bitcoin in the last few days, but the MACD is deeply in the red whilst the Stochastic is placed in the middle of the range, signalling there is room to move in either direction. In order to see upside potential BTC/USD would need to invalidate the descending trendline and finish the week above 34,500, signalling that buyers are regaining control. If not, we may see price break below 30,000 and head lower with the next significant support level coming up at 26,000.

BTC/USD Daily chart

BTC/USD Price Forecast: Bitcoin Looking Vulnerable Before Elon Musk Stepped In

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ELON MUSK STEPS IN

So what you’ve read above is the analysis I was concluding before Bitcoin suddenly shot up…



Go to the news source: Bitcoin Looking Vulnerable Before Elon Musk Stepped In

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