Bitcoin has really struggled to gain bullish momentum since the sharp decline
it experienced in April 2021, almost falling and hitting last year’s low at $28,540.
A rally followed, which created a new all-time high, but a descent followed once again.
The recent decline has occurred over six months compared to the three months
in the initial decline mentioned above. And on this occasion price has hit last year’s
high, even falling slightly below it, but is now showing signs of a bounce.
This is a strong level of support that has held for 16 months. If the buyers can keep
price from falling below this level then we should eventually see strength back in the
market and a resumption of the long-term bullish trend.
As for now, price is still in consolidation but remember, the longer the period of
consolidation, the bigger the move in the direction of the breakout.
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See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
it experienced in April 2021, almost falling and hitting last year’s low at $28,540.
A rally followed, which created a new all-time high, but a descent followed once again.
The recent decline has occurred over six months compared to the three months
in the initial decline mentioned above. And on this occasion price has hit last year’s
high, even falling slightly below it, but is now showing signs of a bounce.
This is a strong level of support that has held for 16 months. If the buyers can keep
price from falling below this level then we should eventually see strength back in the
market and a resumption of the long-term bullish trend.
As for now, price is still in consolidation but remember, the longer the period of
consolidation, the bigger the move in the direction of the breakout.
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
