| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3713 Registered: 05-2011 Rating: N/A |
https://cointelegraph.com/news/bitcoin-rejects-51k-after-michael-saylor-reveals- new-btc-purchase-what-s-next 1.This correction started when Michael Saylor revealed that MicroStrategy had purchased another $177 million worth of Bitcoin, while the company is already one of the largest holders of Bitcoins. 2. The daily chart of Bitcoin shows an apparent resistance is coming up. The $51,000 level is crucial for the markets to break through, as that level was the significant S/R flip before the heavy crash occurred in May. 3. Given the significance of the $51,000 level, this area is the final hurdle before a big run toward the all-time high is likely to take place. If the $51,000 resistance breaks, a short squeeze to $57,000–$59,000 becomes likely. However, given the recent correction, a further corrective move is most likely going to happen. 4. The crucial level to watch for a potential breakdown is the entire region around $44,000. That level marked a new higher low in the current structure and is the most likely level to support the markets if a further and broader correction occurs. 5. Aside from the $44,000 level, the next level of support can be found around the $40,500 area, as that’s the previous high. Overall, the market shouldn’t be dropping beneath $37,500, as that’s the final breaker before new lows are on the table. For now, a rejection at the $51,000 resistance level may open the gates for more do. 6. Crucial support at $48,000 for Bitcoin on lower timeframes.The two-hour chart for Bitcoin shows a crucial level to sustain for the market to continue its upward trajectory. If the area at $48,000 doesn’t grant support, Bitcoin’s price will fall back into its previous range. 7. That previous range had ample support at the $44,000 area, and that’s most likely going to generate the next area of support for this entire correction. Nothing is for sure, but the moment Bitcoin loses $48,000, a cascade of stop/loss triggers could happen, which may result in a potential drop toward $44,000. |