Bitcoin Price Analysis - Will Support lead to Breakout?
John Barry | Tue Aug 23 2022
Current Bitcoin Support at $21,000
Recently Bitcoin has tested the support level of $21,000 six times in the past 40 days. The following chart shows significant recoveries on July 18th and 27th to the $24,000 levels. Recently $21,000 support has held 4 times since Aug 19th.
Looking at the longer term picture, it’s clear a pendant has been formed on the daily price chart, indicating a breakout can occur between now and early September.
Based on recent support and longer-term indicators for a breakout, the potential for the Bitcoin and with it the Altcoins is promising.
Two key factors to worry about
1) The tight coupling of the Crypto markets to stock markets, this has been the case since late 2021. If the stock market has additional problems it will impact the Crypto market.
2) Waiting for a postive Trend to occur. I want to see the Quantify Crypto trend scores for the 1 hour and 2 hour both go above 70% rating. Monitor this with the following link https://quantifycrypto.com/coin-screener
Quantify Crypto provides real time technical analysis to support your trading decisions. We have the fastest live price feed of all cryptocurrency informational platform. Our proprietary trend algorithm calculates the predicted direction of future price moves. It is specifically tailored for the cryptocurrency market. Our state-of-the-art displays are designed to provide maximum amount of significant data on a single screen.
None of this is meant to be financial advice and I do not have any financial expertise. Although I worked at the New York Stock Exchange for over 23 years, it was as a developer supporting computer systems, not as a stock trader.
Full discloser: I do own Bitcoin and other Altcoins.
Mon Sep 25 2023
Thu Aug 17 2023