The price of bitcoin is below $30,000 for the first time after January 28 touching a low of $28,805. Bitcoin price rebounded to $33298 in the next 5 hours of dip, 1:45 PM Eastern Time. Bitcoin price was $64,000+ a few weeks back and the prices of all cryptocurrencies have almost halved. Due to Bearish days after April, cryptocurrencies have only gained 3% this year.
Let’s move to Bitcoin Chart to see what’s coming next, technically.
Well, there are two opinions and either can be valid as tomorrow is critical and a decisive day. First let’s suppose no more FUD is coming from Trump, Musk, or China, we can see the $36,000 digit this week. There is inverted Head and Shoulder forming and if the chart respects the pattern formed, we must see a bullish rally.
The second Scenario is somewhat scary. Take the following into consideration as signaled Bearish:
- Price fell 7.37% ($2.300) below the trading range. It seems a bit much considering the tiny upthrust. = Bearish
- Price fell below preliminary support and made a new low = Bearish
- Monthly support was breached = Bearish
- Volume is dropping while price increase (divergence) = Bearish
- RSI divergence = Bearish
Cryptocurrency trading is prone to high risk, DYOR.