As price approaches resistance levels above, what is next for Bitcoin?
An article over the weekend explained that Elon Musk has lost near 20Billion since his purchase of the cryptocurrency which has also had a negative impact on Tesla's stock value. Is or has the bubble burst? Are we seeing some short-term profit-taking that is pushing the price down? Will one tweet or comment push the price higher?
In terms of technical analysis, we are waiting for confirmation. I continue to remain a bull with future prospects seeming positive.
This current chart shows a bullish trade plan. 48-48.5k would be an ideal price for bulls to buy on the retest - if one is made.
An article over the weekend explained that Elon Musk has lost near 20Billion since his purchase of the cryptocurrency which has also had a negative impact on Tesla's stock value. Is or has the bubble burst? Are we seeing some short-term profit-taking that is pushing the price down? Will one tweet or comment push the price higher?
In terms of technical analysis, we are waiting for confirmation. I continue to remain a bull with future prospects seeming positive.
This current chart shows a bullish trade plan. 48-48.5k would be an ideal price for bulls to buy on the retest - if one is made.
Comment:
Trade is close to entry for bulls. We will need to see a further confirmation on shorter time frames for entry points.
