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quantguy
May 19, 2022 11:51 AM

Bitcoin Looking Weak... Short

Bitcoin / U.S. dollarBitstamp

Description

Bitcoin has found resistance at 30K and given up entirely, finding comfort in the 29K's. The price action is rounding off, suggesting another dump may be in store for us. We have good support at 28.8K, then 27.9K if that breaks. Then there is a vacuum zone down to 25K, the relative low from the previous dump. If we are somehow able to gain momentum, then 30K will likely provide prohibitive resistance, then we will have more from 32K, then 34K which should be considered a ceiling for now.
Comments
Walter_White_2021
What do you mean by “rounding off?”
quantguy
@Walter_White_2021, we saw higher highs, a peak then lower lows, forming a curve, which is what is meant by 'rounding off'
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