BITCOIN (BTCUSD) – Week 20 – Bigger correction
The week that passed was full of news and volatility for the leading cryptocurrency of the world. According to a tweet from Tesla CEO Elon Musk on Wednesday, the company has “suspended car transactions using bitcoin” due to concerns about the “rapidly increasing use of fossil fuels for bitcoin mining.” The price of bitcoin dropped about 5% in the first minutes after Musk’s announcement.
However, there are also bullish signs ahead for the long-term future of Bitcoin. Square, the crypto-friendly digital payments provider, has confirmed to Decrypt that it has no intention to adjust its Bitcoin investment policy and MicroStrategy is undeterred by the $300 billion crypto market crash caused by Elon Musk, and continues to invest millions in Bitcoin.
Technically, it seems that Bitcoin is consolidating in the area of $50k USD for one move down. So, for this pair we are short term bearish. Potential target for reversal is the strong support area at $43k USD. Even if there is a possibility for a bigger correction with the price going higher, if the price stays below resistance on the chart, we expect one more down wave.
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.
🌍 Website: https://www.finflagship.com/
👉 Youtube Channel: https://www.youtube.com/channel/UCCuNa5RtvO5L0XibdSOBz8Q/featured
However, there are also bullish signs ahead for the long-term future of Bitcoin. Square, the crypto-friendly digital payments provider, has confirmed to Decrypt that it has no intention to adjust its Bitcoin investment policy and MicroStrategy is undeterred by the $300 billion crypto market crash caused by Elon Musk, and continues to invest millions in Bitcoin.
Technically, it seems that Bitcoin is consolidating in the area of $50k USD for one move down. So, for this pair we are short term bearish. Potential target for reversal is the strong support area at $43k USD. Even if there is a possibility for a bigger correction with the price going higher, if the price stays below resistance on the chart, we expect one more down wave.
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.
🌍 Website: https://www.finflagship.com/
👉 Youtube Channel: https://www.youtube.com/channel/UCCuNa5RtvO5L0XibdSOBz8Q/featured
