Bitcoin and the Desires for Bear Market Hiatus
An overview of important support and resistance levels of the four major currency pairs of the ongoing week. |
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• First key support level of EUR/USD: 1.02614 • First key support level of USD/CHF: 0.96419 • First key support level of GBP/USD: 1.193357 • First key support level of USD/JPY: 135.584029
Bitcoin and the Desires for Bear Market Hiatus. Per the previous Bitcoin analysis of 2022.06.14, in case of buyer’s uncertainty for entering the buy orders, the price will likely be down to $19000, which has been touched multiple times within the previous week and the ongoing week as a critical price level. The $19000 price level has been successful yet and stopped further price decrease; however, this price is still vulnerable to fundamental factors like crypto market status and public uncertainty of crypto market future. Therefore, if the buyers overcome, the price has the potential to decrease more and reach the important support level of $17000. In the current situation, in short periods like daily, the price has stopped further decline by making price floors and stabilization. However, a fair warning has been issued for more price increases by forming a reverse hammer candlestick pattern. Regarding the price movements developed, the divergence between the all-time high price and the price floor of $19000, a harmonic pattern of a butterfly has been shaped, which marks a warning for a price increase when the ‘d’ section of this pattern stabilizes. In case of buyer’s certainty of the current price bottom and their entrance, the price has the potential to increase more and reach the resistance level of $21500 and at the next stage, $25280 (for this scenario to occur, the price should form a price floor and stabilizes in a timeframe like 4 hours).
Warning: Please note that regarding the fact that the cryptocurrencies have been labeled as risky assets and the complicated market situation, the mentioned article is not a buy or sell signal and is purely a free analysis of the current cryptocurrencies market.
CloseOption Team |
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