As stated in the previous article last week, if the resistance level $4200+ is not broken then we would hit the price around $3500 range.Hence it tested the $3478 price level after a drop of 15% this week.
Bullish Case:
It needs to hold the $3400-$3500 support level and break the $4200 level in the coming days to confirm bullish momentum otherwise we might see the <$3000 level in the coming weeks.
Bearish Case:
It has tested the $3500 price level recently and bounced to $3670 level due to the news from the Russia investing into Bitcoin.
The bounce(surge) looks weak(less buying volume) and we might see <$3000 level in the coming days/weeks if the $3200 support level is broken.
Note:It can also range between $3200-$4200 level for few days before making significant move up or down.
Bullish Case:
It needs to hold the $3400-$3500 support level and break the $4200 level in the coming days to confirm bullish momentum otherwise we might see the <$3000 level in the coming weeks.
Bearish Case:
It has tested the $3500 price level recently and bounced to $3670 level due to the news from the Russia investing into Bitcoin.
The bounce(surge) looks weak(less buying volume) and we might see <$3000 level in the coming days/weeks if the $3200 support level is broken.
Note:It can also range between $3200-$4200 level for few days before making significant move up or down.
