Long-time no see. After a short-term buying opportunity, I haven’t seen anything considering the Bitcoin movement and even this one was a long time ago. “Interesting” times, looks like the summer vacations are fully on and BTC movement supporting vacations too. ;)
Soon it might be over, so swipe the dust off your computers and start to prepare. As I have said previously, if the streets get bloody, the winners will be only these players who prepared for it. The current pressure is down and let’s look at a bit lower prices from where the price of Bitcoin can find support. These price levels are not far away. Yes, price-wise 5k to 15k seems quite a huge gap to fill but if it starts to roll it can collapse quite heavily because we still need some liquidity.
As you see from the image above the price of BTC has started to approach previous yearly highs which now starting to act as support. Also, I can say that this is a quite good retest area, especially the lower one which stays below 20k.
There is a low chance that the price of Bitcoin cannot reach 20k and below of that because there are some interesting criteria that might work as a support. At the moment, the price approaching 2020 high and around the current price is also 2021 low. Some low amount of liquidity might have below of that price levels and there is also the level waiting for us. level of 62% has worked historically quite perfectly. Even in my classroom, I have shown how perfectly Bitcoin will react to Fibo 62%. So, here is the opportunity for long-term investors to slowly start building their positions.
The major area stays below 20k. There are quite a few previous yearly highs that now start to act as a . A zone from where to make a technically good buy. It is a good sign that the price isn’t retested 20k after the breakout. It adds strength to it because after the break of 20k the price just flew away.
There we have multi-yearly highs which act as support levels plus there is Weekly 200EMA. It has been also quite a good criterion to hold the price up and even the bounces of that have guided the price of Bitcoin into the bull runs! From 3k to 14k and from 4k to 64k , quite an amazing history yes? :)
Be prepared! The collapse might come and it might be fast. The pressure is down and these are the major lower zones that I’m looking for and I know when and why I will act!