Bitcoin is having a dramatic month in terms of price action. After a mammoth rise from 7350 to 10500$, and after staying in a bull flag for almost two weeks, bitcoin finally broke down from major support this week and tested the bottom of the downtrend channel at 6730$.
During these last two major moves: Bitcoin pulled off completely opposite to community sentiments, leaving the whole community in shock.
The fear is also started increasing in the community, Crypto greed index has dropped from 50 to 23 in the last few weeks.
Crypto community which was very excited about halving narrative, now started looking for a further drop to 5000$ or 3000$.
Looking at monthly chart, we can see bitcoin is currently holding 21MA support, which was an important support for bitcoin during the 2017 Bear run, Price dropped by 44% after losing this support in Nov last year.
As LONG this support holds on Monthly time frame: I am expecting Bitcoin to rise above 15000$ before the halving.
and If this support gets broken this month or next month, no wonder halving narrative will be dead and bitcoin will go down below 5000$.
When I say holding support or losing support - that means monthly candle should lose or hold above this support.
During these last two major moves: Bitcoin pulled off completely opposite to community sentiments, leaving the whole community in shock.
The fear is also started increasing in the community, Crypto greed index has dropped from 50 to 23 in the last few weeks.
Crypto community which was very excited about halving narrative, now started looking for a further drop to 5000$ or 3000$.
Looking at monthly chart, we can see bitcoin is currently holding 21MA support, which was an important support for bitcoin during the 2017 Bear run, Price dropped by 44% after losing this support in Nov last year.
As LONG this support holds on Monthly time frame: I am expecting Bitcoin to rise above 15000$ before the halving.
and If this support gets broken this month or next month, no wonder halving narrative will be dead and bitcoin will go down below 5000$.
When I say holding support or losing support - that means monthly candle should lose or hold above this support.