Will it break the resistance and Bitcoin goes to $23k?
Once again we have a test Bitcoin price at the support limit around $29,300.00 – and once again – the digital currency does not break down.
Since May, attacks against the support region have been more than 10 times but it seems that the ground is hard.
The path is narrowing and the congestion zone is getting pretty long for digital currency. Accumulation or distribution? Everything is depending on that signal!
The distance between the support zone and the MA50 (yellow) is narrowing and analysts suggest that the opposite signal is a break of this upward moving average. In the last strongest test on support, we had a touch of $29300 and then an upward correction with a bullish engulfing candlestick, which could be the start of a reaction.
Also, in the news, we have Elon Musk, again, talking positively about Bitcoin.
The figure on the chart forms a descending triangle and, in this case, with the upper bound coinciding with the 50-period moving average.
The next few days are decisive for Bitcoin: Either the currency breaks support down towards $23-20k or the BTC breaks the MA50 (with volume) and begins a recovery path towards the above $40k zones
The figure says the biggest probability is down, breaking support – it’s like the descending triangle and support at $6k in 2018. But there’s still a chance.
Where do you think the BTC is going?