The MACD is positive and hovering above its moving average.
36979 is our pivot
Foreseeable scenario: as long as the support at 36979 holds, the bullish scenario will prevail.
Alternative scenario: below 36979, targets at 35727 and 34982
Analysis: The RSI hovers above the 50-point equilibrium line. The MACD is positive and hovering above its moving average. The setting is positive. Observe that the volumes have been on the rise for a few days.
Supports and resistance:
41733 **
40988 *
40242 **
39496
38700 (last trade)
37470
36979 **
35727 *
34982 **
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
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MONTHLY THINKING ABOUT BITCOIN
So far this week Bitcoin has maintained a covered range of roughly 35k to 38k. Immediate price action struggled to break out of both levels. Perhaps if it does, then it will evoke a larger movement. The current price action is therefore clearly crucial for the next move, whenever it takes place. The arguments in favor of buying and holding Bitcoin remain the same, but the arguments against it have certainly increased in recent weeks. It is certainly for this reason that the leading cryptocurrency is much closer to 30k than 60k. Indeed, the risks still appear to be to the downside now, and until something significant or material to this perspective changes, then the argument for holding other alternatives to Bitcoin will not disappear. Personally speaking (and it's just a personal opinion, not a technical one) I'm very cautious now. Bitcoin is currently trading roughly in the middle of that outlined range, right now at 37,000.
