BITCOIN (BTCUSD) – Week 6 – Reaction at resistance of total up?
Bitcoin had a low vol week compared to the cryptocurrency’s historical volatility. In this week, it has slowly climbed to the resistance zone on the chart, a very crucial area for the next development phase of price action.
Technically, we have to assess the next step very carefully to determine the next direction of Bitcoin’s movement. If the price reaches the resistance area at $40,000 and consolidates there or it spikes up fast and closes above that area, we should expect a continuation of the big weekly uptrend toward new historical highs. On the other hand, if the price has a sharp rejection there we could see the price fall to the $32-$34k before we reassess the price structure.
Fundamentally, Glassnode, a blockchain data and intelligence provider that generates metrics for cryptocurrencies revealed this week that the total balance of Bitcoins in accumulation addresses rose to 2,8 million BTC. That means that nearly 15% of the total supply of Bitcoins is hold as a store of value with the expectation of the cryptocurrency’s market cap to climb dramatically in the next years.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Technically, we have to assess the next step very carefully to determine the next direction of Bitcoin’s movement. If the price reaches the resistance area at $40,000 and consolidates there or it spikes up fast and closes above that area, we should expect a continuation of the big weekly uptrend toward new historical highs. On the other hand, if the price has a sharp rejection there we could see the price fall to the $32-$34k before we reassess the price structure.
Fundamentally, Glassnode, a blockchain data and intelligence provider that generates metrics for cryptocurrencies revealed this week that the total balance of Bitcoins in accumulation addresses rose to 2,8 million BTC. That means that nearly 15% of the total supply of Bitcoins is hold as a store of value with the expectation of the cryptocurrency’s market cap to climb dramatically in the next years.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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