Two days ago, when Russia declared war on Ukraine and the war began, the price of Bitcoins fell by more than 7% and reached about $ 34,400. Bitcoin was strongly supported by the Bulls at this price and returned to $ 39,800.
Bitcoin is currently trading at $ 39,118. The price entered the $ 40,000 channel this morning but failed to break the range again. In the following, we will deal with technical analysis. Bitcoin currently dominates about 41.8% of the total market.
The digital currency market fear and greed index has reached 26 today and is still in the fear range. Of course, it has recovered a bit from the past few days, but the cryptocurrency market still has a long way to go before regaining investor confidence.
In the 4-hour time frame, the bitcoin rising channel has been one of the reasons for its price growth again. Bitcoin hit very good growth on a bullish day as it hit the bottom of this uptrend channel.
Currently, the price of Bitcoin has reached the middle of the channel, which is a technical level (support, resistance). The reason for the fall of Bitcoin from the price of $ 40,000 today is the midline of the uptrend channel. In addition, $ 40,000 is a level of psychological resistance.
If the price goes above the middle of the channel and we see a stabilization candle in this range, we can expect bitcoin to grow to the next resistance of about $ 41,200. Otherwise, if the price falls again from this resistance range, the next destination will be the current channel floor.
Bitcoin is currently trading at $ 39,118. The price entered the $ 40,000 channel this morning but failed to break the range again. In the following, we will deal with technical analysis. Bitcoin currently dominates about 41.8% of the total market.
The digital currency market fear and greed index has reached 26 today and is still in the fear range. Of course, it has recovered a bit from the past few days, but the cryptocurrency market still has a long way to go before regaining investor confidence.
In the 4-hour time frame, the bitcoin rising channel has been one of the reasons for its price growth again. Bitcoin hit very good growth on a bullish day as it hit the bottom of this uptrend channel.
Currently, the price of Bitcoin has reached the middle of the channel, which is a technical level (support, resistance). The reason for the fall of Bitcoin from the price of $ 40,000 today is the midline of the uptrend channel. In addition, $ 40,000 is a level of psychological resistance.
If the price goes above the middle of the channel and we see a stabilization candle in this range, we can expect bitcoin to grow to the next resistance of about $ 41,200. Otherwise, if the price falls again from this resistance range, the next destination will be the current channel floor.
Commento:
During this timeframe, the conditions of the pattern and the price movement are such that they indicate the possibility of a rise in the coming days, and we can enter if it returns to around $ 37,000. Other cryptocurrencies can also start their uptrend with the positive movement of Bitcoin .
Commento:
On a 1 hour timeframe, the pattern conditions are such that in the short term, there is a possibility of going down and reaching about $ 37,000, and in the medium term and higher timeframes, it is an upward trend. It will be good for re-entry if it reaches the range of $ 37,000.
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