Home Bitcoin NewsBitCoin Forex Bitcoin nears support at the lows of the week – ForexLive

Bitcoin nears support at the lows of the week – ForexLive

by admin


Wednesday’s spike low at risk

Bitcoin hourly

Bitcoin is down $2000 today or 3% and is now threatening Wednesday’s spike low of $62,856 with prices around $200 above that.

A breakdown could threaten $60,000 again.

I’ll be watching broad market sentiment as a guidepost. There’s some talk about bitcoin as an inflation hedge but I don’t think it’s there yet.

It’s been a frustrating run of false breakout and breakdowns in bitcoin in recent weeks. It’s one of the more-reliable technical trades out there but it hasn’t been playing out that way recently.

The weekly candle isn’t shaping up to be a great one but you only need to go three weeks back to see a spinning top that didn’t result in much downside. Overall, I think the bulls are still onto something here but it’s tough to navigate the volatility.

Bitcoin weekly

 
Invest in yourself. See our forex education hub.

Adblock test (Why?)

Source link

Related Articles

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More