BTCUSD 1D : will continue at the bullish trend or not ?
BTCUSD
OUTLOOK
Bitcoin, the largest digital currency in the world, has witnessed a decline in the past two days
After it failed to maintain its upward momentum, its value fell below $27,000.
This decline came as a result of statements by Federal Reserve Chairman Jerome Powell about the possibility of raising interest rates, which caused the size of the global digital currency market to decline by 1.5% to reach $1.06 trillion.
Bitcoin is currently trading sideways following Powell's comments, in addition to the rise in 10-year bond yields, as the Federal Reserve's comments caused significant selling in many markets, including the digital currency market.
This was reflected in the Fear and Greed Index for digital currencies, which fell by 4 points to 43/100, indicating the presence of a state of fear among investors.
Technical Abstract :
as we see in the chart the price of BTC trade at the bullish channel for a long time and now trade above strong support zone 24828 - 25820 level.
so now we expect that as long as price trade above that zone the price will rise up and build a positive momentum for long term and our target will be 28902 and above that will reach 31044 .
Therefore the bullish trend scenario will be remain valid effective supported by bullish channel and strong support zone ,Remembering that stabilized under 24828 will end the bullish attempts and will start the negative attempts.
Support line : 25820 , 24828
Resistance line : 28345 , 28902
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Bitcoin, the largest digital currency in the world, has witnessed a decline in the past two days
After it failed to maintain its upward momentum, its value fell below $27,000.
This decline came as a result of statements by Federal Reserve Chairman Jerome Powell about the possibility of raising interest rates, which caused the size of the global digital currency market to decline by 1.5% to reach $1.06 trillion.
Bitcoin is currently trading sideways following Powell's comments, in addition to the rise in 10-year bond yields, as the Federal Reserve's comments caused significant selling in many markets, including the digital currency market.
This was reflected in the Fear and Greed Index for digital currencies, which fell by 4 points to 43/100, indicating the presence of a state of fear among investors.
Technical Abstract :
as we see in the chart the price of BTC trade at the bullish channel for a long time and now trade above strong support zone 24828 - 25820 level.
so now we expect that as long as price trade above that zone the price will rise up and build a positive momentum for long term and our target will be 28902 and above that will reach 31044 .
Therefore the bullish trend scenario will be remain valid effective supported by bullish channel and strong support zone ,Remembering that stabilized under 24828 will end the bullish attempts and will start the negative attempts.
Support line : 25820 , 24828
Resistance line : 28345 , 28902
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
