Hello everyone,
how are you all? I hope everyone is fine and doing great in their life.
The market has been on a up surge for last few days now and this is the time when Ethereum is actually outperforming the entire Market. Who would have thought few weeks back that Ethereum will touch 3.5k USD mark that soon and though the alts are still resting we should see a move in them soon.
For now I am here to share about the recent Bitcoin movement and share my thoughts on whether the top is already found for this cycle or the higher values for Bitcoin is yet to come. You can see the 4h timeframe chart in the screenshot below with all our analysis in last few months.
For now we are actually trading in a new trajectory and that is why we will have a zoomed view to that zone which I will share below. The support for bitcoin right now is at 116k USD and that is not a strong support as it was created recently and we must consolidate in that area for betterment.
As far as we are above that support trendline we should stay bullish on the bitcoin for the next few weeks. Let us also look at the resistance which bitcoin is currently going to test. It was created recently and that can be seen in the screenshot below. We have that at 119k USD so that is the upside to look at for now.
We have to start trading above that resistance to make sure that the recent Bitcoin price surge was not the top for this cycle. I think we are going to witness a upsurge above that trendline for sure as we are successfully confirming support at the required support trendline.
The above screenshot shows us that losing the 116k USD level will take us down to testing the 112k USD price point which I hope will not happen. The fate of bitcoin is going to be known to all of us in next few days as we are heading towards the monthly closing. As far as alts are concerned, they are yet to make their final move.
Thank You and make sure to check Crypto Company services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
