In our last post we discussed about that the price of Bitcoin was below the 20 Monthly Moving Average. In the last few days Bitcoin wasn't able to too hold current support of 6343, and did fall to 5800, but quickly spiked back above this level. Because the price of Bitcoin did fall on the weekend, we created a CME futures gap (6045 - 6615). We did call this one either in our last post.
Today Bitcoin closed this gap: (with a total move of 9.41%).
At the moment, Bitcoin is still below the 20 Monthly Moving Average, but it seems that in found some support on a longer term support/resistance line. This support/resistance line comes all the way back from June 2019 and we can see that there was some important price action with that line.
We still think that the price of Bitcoin can spike further in the coming days/weeks. This has also to do with the upcoming Block Reward Cut (as discussed in our last post). Remember that we will have in less than 50 days this Block Reward will decrease to only 6.25 a block!
As said in our last post, we believe that we can get a move to 7800/7900, and this perhaps faster than you would expect..
A short overview:
We are still below the 20 Montly Moving Average
Bitcoin block reward will cut in half in less than 50 days
We had a death cross on the Daily
Support at 6292
Resistance at 7147
Thank you for reading and let me know what your opinion is about the current Bitcoin price!