Moving Charts: BTC Value Per Coin Analysis | 10% To @tron-fan-club
Hello everyone and welcome to everyone at Tron Fan Club. After creating a new all-time high in March 2024, Bitcoin has been consolidating for a long time. Hence, we witnessed downtrend in the last months with some exceptions. But, last month, we saw, BTC break the historical resistance and make a new All Time High. Today we will look at the price movements of BTC and reflect on where it could go next.
Last week, the King of Cryptocurrencies, BTC was hovering below the 98200$ level. BTC was on uptrend for weeks. At the start of the week, BTC reversed its journey and fell through 95000$. Due the fall, BTC went down to the sub 91000$ level, which was clearly a strong support zone.
After the quick bounce movement, BTC broke through the bearish trendline and new resistance easily and even went up to the level of 102500$. Unfortunately BTC got rejected at that level and quickly got down. It is now above the support level of 95500$. It also needs to break through the resistance ahead. It is now at 98500$. This is ultimately a 6.2% lose in value over a time span of seven days.
All Screenshots are taken from Coingecko
No words from this article should be taken as financial advice.
Thank You for reading.
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https://x.com/Arsalaan00070/status/1888641401124250096?t=wieThiuefLsgcT-nyZZ4YQ&s=19
Hi, I think "BTC" is making a pullback, it looks like a wave 4, nice post my friend.
It seems that above 1 lakh, Bitcoin seems to be too expensive to the market participants, which is why the dominance of sellers repeatedly increases there. Although support and resistance based strategy can be played from a trading perspective, it may not be the right place and time for big moves.