This week, Bitcoins and a few other altcoins are in the early stages of recovery. While the bears continue to try to control BTC’s recent record of being in red for nine weeks, the bulls are trying to avoid the negative sentiments. Positive signs of accumulation are plentiful, such as the May investment in Bitcoin’s ETPs. These investments have only increased since June 2022. Market cap has increased by 4.8% over the past 24 hours. It is now 46.4%.
BTC traded at $31,110 as of the writing date.
After being in red for nine weeks consecutively, BITCOIN finally achieved a weekly close in green. It has not reached a ‘Lower Low’. In the past, the asset has been supported at multiple levels of $28,800. This time the bulls are trying to defend that level. Technically, BTC trades sideways between $28,500 and $31,500 daily after it made a ‘Long Legged Doji” candle at the low. However, volumes are declining and BTC is trading in a range of $28,500 to $30,500. If the breakout happens above $32,500 and there are good volumes, then we can expect it will continue to surge to $35k-$37k. A close below $28,500 would lead to further decline.
Support 2Support 1AssetResistance 1Resistance 2$25,000$28,500BTC$32,000$37,000
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When deciding whether an investment is right for them, all investors should take into account these factors and consult with their professional advisor. This report was prepared by the Company using information that it has access to, as well as information from public sources that have not been independently verified. The Company makes no representations or warranties, either express or implied, regarding the accuracy, reliability, completeness, reliability, fairness, accuracy or correctness of the information, opinions or conclusions contained herein. This report is preliminary. The Company does not assume any obligation to revise or update the reports in response to new events or circumstances after the date of the report was made. Trading and Investments in cryptocurrencies viz. Bitcoin Cash, Ethereum, and Bitcoin Cash are just a few of the cryptocurrencies that you can trade & invest in. These are highly speculative investments and can be subject to market risk. The author’s analysis is intended to be used as information only and not as investment advice.
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