Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
Let us talk about whether Bitcoin will be able to break the 100000 mark again or not in this cycle. For that, we are going to look at the chart that I have been using for quite some time now, and it has helped us a lot. In the screenshot below, you can see the chart.
There you can see that we are currently trading above a blue support trend line that was drawn in one of my recent blogs. That trend line is at 88000 to 89000 USD, and right now the price is close to 92000 USD.
Since it is Monday and the new week has just started, we should wait a little and see how the market might move in the coming days, at least for the next 24 hours.
I think it is better to watch the market now. The pink resistance is the trend line that is important at this moment. If that line is broken, we are ready to shoot up above 100000 and test the 101000 to 102000 USD resistance. But we have to wait and see if we actually break that pink resistance line.
Otherwise, there is also a possibility of testing the support line drawn in blue that we just talked about. Not only that, we can even fall close to 86000 USD because that is visible in a shorter time frame. We should not feel scared if Bitcoin touches 86000 to 87000 USD and comes back from there.
If we lose that support at 86000 USD, then the market might fall heavily. So let us hope that we stay above that support. Let us also hope that we break the resistance at 93000 to 94000 USD.
Only then we will open the door of possibilities for Bitcoin to cross the 100000 mark again. Only time will tell what will happen, but the charts are telling me that everything looks fine. I think nothing feels bad right now because we are in a safe range. There is no need to panic.
In the next 2 days, the Federal Open Market Committee meeting is going to give the final result of what everyone has been talking about. We will know if there will be rate cuts, or if the rate will be paused, or what the final decision is. This is an important event for the financial market, so we should keep our eyes on it.
For now, I am holding my spot bags, and I hope for the best. If you have survived the market until now, then I think you will be rewarded in the coming months.
Thank You and make sure to check Crypto Company CEO 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.
