Bitcoin at a Critical Level - Why Daily Closing Matters More Than Ever
Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
Bitcoin reached as high as $98,000 USD in the last few days. At that point, many people started believing that the $100,000 mark would be crossed once again very soon. However, in just the last two days, the situation has completely changed, and now Bitcoin is trading below $89,000 USD. This is a very serious situation for Bitcoin right now.
The reason I am calling this serious can be understood from the screenshot that I am going to share below. In that screenshot, you can see the range where Bitcoin was trading earlier, which has now been broken once again. We are now entering the supply area below the blue support line.
It took almost two weeks for Bitcoin to break that blue trend line and move above it. But now, within just 15 to 17 days, we are trading below that same blue trend line again.
If the daily closing happens below this blue trend line, then unfortunately we are likely to target the next support level around $86,000 USD. If things get worse, Bitcoin can easily move down further to grab liquidity around the $80,000 USD level. This is exactly why I believe Bitcoin is going through a very crucial phase right now.
Bitcoin must sustain and reclaim this resistance before the daily closing, and it must do so with decent volume. Otherwise, we may see a strong downward move in the market. And as always, if Bitcoin goes down, altcoins will fall even more aggressively.
Now, if we look at the weekly chart, there is still some relief. If the weekly closing happens above the blue trend line, then we can once again aim for the pink resistance line. Weekly closing is a strong indicator, and it carries a lot of weight in technical analysis.
But for now, I am more focused on the short term scenario. In the short term, it is clear that Bitcoin is struggling, and daily closing matters a lot to me at this point. I really hope Bitcoin reclaims the blue trend line, which is currently around $88.9K USD. This level is not very far from where we are trading right now, so there is still hope that we might reclaim it before the daily closing.
The current market situation is not because of any technical issue alone, but largely because of fundamental reasons. The major fundamental factor right now is former President Trump imposing tariffs on different countries.
Recently, tariffs were imposed on Europe, which triggered a massive downfall in the market. This move alone wiped out nearly $1.4 trillion USD from the stock market within 24 hours, which is a huge number.
So please be careful. Avoid trading in futures, and stay away from making emotional decisions. Think clearly before you act.
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here.
In the screenshot below you can see my terracore base where we have used all the attacks. In total 6 attacks but they were not that good as I wanted them to be but that is alright.
Below you can see my golem overlord base claim is ready to be claimed and that was after using almost all my attacks as the loot was very good and I don't always come here on time so I just used all of them today.
That is all I did in Golem and terracore base today.
Thank You and make sure to check Crypto Company CEO services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
