Bitcoin have seen a nice bounce back and many are talking about it like we are now set to go much higher, I decided it was the time to clear the chart and look again at macro-level where the key support and resistance level are.
On the 4 hour chart we can see we are now above the green line but it looks like we are heading down again, potentially retesting the green line as shown below.
I'd like the green line to hold and allow the price to bounce back up, potentially touching the $9600 level by end of this week.
Although, you may have noticed a new purple line in the chart that wasn't there before, that's a new downtrend I identified just today, to show it better I need to switch to the daily chart below.
As you can see clearly from the chart below, the new downtrend started from the peak on the 1st of June, we touched it on the 10th and the 11th and went down again. It looks like we are setting up to touch it again this week.
Unfortunately, there is a lot of resistance there now because of the intersection of the purple and yellow lines.
At the moment I'm optimistic as long as we stay above the green line, although, if we cannot go above the purple line we may head down for some more time.
In other news
- The Federal Reserve will start buying corporate bonds from today. This is very significant news.
- Markets responded positively to the news, but observers warn that supporting “zombie businesses” with freshly printed money will only lead down a dangerous path.
- Stock markets seem inflated because of the massive money injection and the balloons may start to pop once this enormous money stimulus is lifted or run out.
- WhatsApp Pay goes live in Brasil
- Users can now send and receive money instantly through the messaging app. Can we expect it to be extended to other countries soon?
- The process is very simple as you can see from the official ad here https://www.youtube.com/watch?time_continue=11&v=YQ-cN0wdSPI
