Bitcoin closes the week under $40,000, opening the Pandora box for a possible slide to $32,500. Closing the day above the ascending channel’s upper boundary may invalidate the breakdown but favor a recovery above $40,000. Bitcoin almost brushed shoulders with $42,500 last week but stalled, allowing for a retreat under $40,000. However, Bitcoin managed to
The post Bitcoin price in dilemma at crucial pivotal level; will it be $42,500 or $32,500?
On the other hand, closing the day under the ascending channel’s lower boundary support may invalidate the above uptrend in favor of losses under the 50 SMA. If the buyer congestion at $35,000 is overwhelmed by selling pressure, Bitcoin is likely to explore lower price levels, perhaps at $32,500 and the 100 SMA respectively.
For now, the least resistance path seems to be downwards, especially with the Relative Strength Index moving towards the oversold area. In other words, if bulls are not careful, Bitcoin may completely fall into the hands of the bears and the journey to $32,500 could be a short one.
The post Bitcoin price in dilemma at crucial pivotal level; will it be $42,500 or $32,500?
On the other hand, closing the day under the ascending channel’s lower boundary support may invalidate the above uptrend in favor of losses under the 50 SMA. If the buyer congestion at $35,000 is overwhelmed by selling pressure, Bitcoin is likely to explore lower price levels, perhaps at $32,500 and the 100 SMA respectively.
For now, the least resistance path seems to be downwards, especially with the Relative Strength Index moving towards the oversold area. In other words, if bulls are not careful, Bitcoin may completely fall into the hands of the bears and the journey to $32,500 could be a short one.