Bitcoin MARKET UPDATE
Bitcoin support levels - $21,000 and $20,800 strong Support
Bitcoin resistance - $21,550 and $22,000 strong resistance
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Analysis -
As we have already stated, closing over the daily timeframe support level of 20,800 dollars will boost the chances of an upward move for bitcoin, Positively, Bitcoin closed above the 100 EMA on the daily chart. As a result, it went higher and attempted to test the 21,500-dollar level of resistance but was rejected. The price of bitcoin, meanwhile, is still above $21,000. If bitcoin maintains its stability and closes its weekly candle above 21,000 dollars, the market may see another upward rise.
Currently bitcoin dominance is testing it's previous support which is now resistance (40.42%) If bitcoin dominance gets rejection we might see another good move in altcoins if bitcoin stays stable on the other hand,
Volume is low due to global financial markets being closed at weekends. Trade carefully and manage your risk according to mentioned support and resistance levels.
Bitcoin support levels - $21,000 and $20,800 strong Support
Bitcoin resistance - $21,550 and $22,000 strong resistance
———————————————————————
Analysis -
As we have already stated, closing over the daily timeframe support level of 20,800 dollars will boost the chances of an upward move for bitcoin, Positively, Bitcoin closed above the 100 EMA on the daily chart. As a result, it went higher and attempted to test the 21,500-dollar level of resistance but was rejected. The price of bitcoin, meanwhile, is still above $21,000. If bitcoin maintains its stability and closes its weekly candle above 21,000 dollars, the market may see another upward rise.
Currently bitcoin dominance is testing it's previous support which is now resistance (40.42%) If bitcoin dominance gets rejection we might see another good move in altcoins if bitcoin stays stable on the other hand,
Volume is low due to global financial markets being closed at weekends. Trade carefully and manage your risk according to mentioned support and resistance levels.