Bitcoin dropped to 45,456 on Friday afternoon. However, it managed to rebound slightly in the US close and this rebound was extended over the weekend. The cryptocurrency managed to climb above 48,000 yesterday, reaching a peak of 48,300. However, it did not fare so well in Asian trading today. It fell again towards 46000. The lower move is perfectly understandable given the move out of risk assets so far today. The fact that it has not yet eliminated the low seen on Friday is slightly positive, but given what is out there in terms of market drivers right now, it is not assured. The return below the 200-day moving average (now at 47.130) is not technically positive and the current chart setup does not immediately look favorable. It's really a question of how the cryptocurrency market will react today and re-evaluate BTC as a potential safe haven or not. The point of view here has been, and still is, that this is one of the riskiest assets you can own and for that reason is under potential threat earlier this week, unless the broader view can turn back to something. more positive. The range for BTC so far today has been covered from 46,220 to 47,220.
At this stage, it seems that only retail investors with insignificant amounts contribute to supporting the rises.
As usual, I report the weekly levels and the levels for intraday trading:
For further analysis and trading ideas follow me on Patreon, you will also have a dedicated VIP telegram channel (in Italian, to be translated) https://www.patreon.com/mariocarotenuto
Log in to Publish0x:
https://www.publish0x.com/?a=oQeZ4DR6bp
Open an account with Kucoin use my code: https://www.kucoin.com/ucenter/signup?rcode=rJEUMUV
Open a Coinbase account to get bonuses 10$
https://www.coinbase.com/join/carote_7
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.
THE OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATION PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT OR OTHER ADVICE.
