A short Bitcoin analysis of the bigger time frame. Bitcoin had in the last few weeks, a lot of volatility with a move, all the way down to 3850. At the moment of writing Bitcoin is back above 6k (fighting for the 6700 level) and is up 73,18% from the current low.
Something i noticed is that nobody is talking anymore about the upcomming Block Reward Cut. This will bring the mining reward back from 12.5 to 6.25 a block. Maybe to keep in mind if you trade..?
We are below the 20 Monthly Moving Average (currently at a price of 6991) and for now that will keep the price of bitcoin bearish. Of course we have the death cross at the moment, but since everyone already spamming tradingview with charts of that, so i don't want to talk about that again.
In my point of view, the current resistance is at 7147. Once we can close a weekly candle above that price and hold that, i expect that we will get a move to 7800/7900. If we can't hold our current support at 6343, we will have a big change to see the current lows again.
A short overview:
We are below that 20 Week Moving Average
Bitcoin block reward will cut in half in less than 50 days
Death cross on the Daily
Support at 6343
Resistance at 7147
Thank you for reading and let me know what your
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We have a new gap in the CME Futures, let's see how the market will react today..
bitcoin have done the correction succesfully, and now on new bull run trend.
CryptoUpdateCom
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@Protixder, Seems it has failed :(
The 20 Daily Moving Average is at 6210, lets hope we can hold that. Otherwise we will go back to at least 5800.
Protixder
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CryptoUpdateCom
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@Protixder, Interesting, i think that we are running out of steam and have to retest the 6350 level for now. Let's see what will happen in the next few hours. Thanks for your comment!