Bitcoin short and midterm term analysis

What's in this article

Bitcoin reserved twice from the bottom of the triangle as shown in the 4-hour chart below. Bitcoin has risen quickly as the relief rally pushes the price soon after it touched the support at $41300.

Bitcoin price today is $42,442.09 USD with a 24-hour trading volume of $17,286,140,893 USD. Bitcoin is up 0.70% in the last 24 hours, with a market cap of $803,651,335,359 USD. It has a circulating supply of 18,935,243 BTC coins. 

Source: Tradingview

Bitcoin: Analysis

Bitcoin slumping below $40,000 is very probable if this support level breaks down as it triggers the Descending Triangle pattern. Traders seem to be out of the trade for now as there are not many opportunities in short term. As long as the midterm analysis is concerned, once Bitcoin comes out the swing play between support and resistance we’ll be able to predict the next movement. However, bears seem to try hard to steer it in their favor right now. Besides the support at $41300, we have strong resistance at $44,000, fib 0.786. 

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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