BITCOIN (BTCUSD) – Week 23 – Still in the middle
Bitcoin's price dropped on Friday morning after Elon Musk tweeted that he’s fallen out of love with the world's most popular cryptocurrency. With the hashtag #Bitcoin and a broken heart emoji, the billionaire Tesla CEO posted a joke about a couple breaking up over the male partner, referencing Linkin Park lyrics.
The Bitcoin 2021 conference in Miami began today with libertarian and former presidential candidate Ron Paul criticizing the Federal Reserve and stating that, given the present condition of the economy and the Fed's monetary policies, Bitcoin should be "taken seriously." The former Republican Party's black sheep told a Miami audience that the United States' present monetary policy is a failure and that the central bank should be abolished totally.
According to Bloomberg's senior commodity strategist Mike McGlone, bitcoin's price is "discounted," and its bull market seems to remain intact, with a price objective of $100,000 looking more plausible than a retrace down to $20,000.
Technically, Bitcoin is still moving inside the area created a few weeks ago by the support and resistance boxes marked on the chart. While keeping in mind that we are in a down trend we give a higher probability for a move to retest the support or break it, while not totally excluding a retest of the resistance. For us to be convinced of a reversal of the trend we must at least break the resistance and study the price action to see if it gives us bullish continuation signs.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
The Bitcoin 2021 conference in Miami began today with libertarian and former presidential candidate Ron Paul criticizing the Federal Reserve and stating that, given the present condition of the economy and the Fed's monetary policies, Bitcoin should be "taken seriously." The former Republican Party's black sheep told a Miami audience that the United States' present monetary policy is a failure and that the central bank should be abolished totally.
According to Bloomberg's senior commodity strategist Mike McGlone, bitcoin's price is "discounted," and its bull market seems to remain intact, with a price objective of $100,000 looking more plausible than a retrace down to $20,000.
Technically, Bitcoin is still moving inside the area created a few weeks ago by the support and resistance boxes marked on the chart. While keeping in mind that we are in a down trend we give a higher probability for a move to retest the support or break it, while not totally excluding a retest of the resistance. For us to be convinced of a reversal of the trend we must at least break the resistance and study the price action to see if it gives us bullish continuation signs.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Comment:
The higher probability scenario played out, as described in our analysis.
