Bitcoin at a Crucial Support : What the Charts Are Telling Us - Something you can't ignore!

Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.

The current crypto market situation is very panicking, and it is extremely important to study the charts carefully to understand what is happening right now. In this blog, I am sharing my personal technical analysis based on my limited knowledge and my own perspective on what I think might happen in the coming days.

I will also talk about how the crypto market has responded recently while gold and silver started pumping strongly. Unlike those assets, the crypto market is behaving very differently.

In the screenshot below, you can see the chart that I always refer to for my technical analysis. It is a Bitcoin price chart on a 1 day time frame. On this chart, the last 3 trendlines, shown in pink, blue, and yellow, are the most important at this moment because Bitcoin price is currently trading between these trendlines.

That is why we need to focus on them closely. I will zoom in on the 2 most important trendlines, which are support and resistance. The resistance is marked by the pink trendline, and the support is marked by the blue trendline.

If you look carefully, Bitcoin price is currently very close to the blue support trendline. This means that Bitcoin is still in a safe zone as long as it stays above this support. However, the main question is whether Bitcoin will hold above this blue support line or fall below it.

If you look again at screenshot number 1, you will notice that the next area where liquidity can move is the yellow trendline. If price reaches that level, a drop of around 8.5% is possible, as shown in the screenshot below.

Since this analysis is based on a 1 day time frame, I also created another support trendline, which is shown in blue in the screenshot below. This trendline is around 86,200 USD. If Bitcoin manages to hold this support level as well, then the situation is still positive.

As you can see in the screenshot, Bitcoin has respected this support level multiple times in the last few days and even in the last few weeks. This makes 86,200 USD a very important support zone for Bitcoin.

Only if Bitcoin loses this support trendline, we might see a major crash, and the price could fall as low as 80,000 USD.

Now the big question is whether this drop will actually happen or not. Based on how Bitcoin has behaved over the last few days, I personally think this scenario might not happen. The area around 86,000 USD appears very strong. A large amount of trading volume can be seen there, and even during panic in the market, price did not fall below that level.

This suggests that big investors are actively buying Bitcoin at this price range. Even if Bitcoin does not immediately move back to 90,000 or 100,000 USD, I believe that in the next few weeks we could see those levels again. There is clear interest in buying Bitcoin at current prices, and that supports the overall momentum.

When it comes to other cryptocurrencies, including Ethereum and other altcoins, the situation is much riskier. Apart from Bitcoin, Ethereum, and a few top tier coins, investing in most other assets is extremely risky at this stage.

Source

As holders, many of us are already suffering losses, and it might be time to accept that the market is not behaving the way it used to. Even if the market recovers from current levels, a 5 times move may only bring many investors back to their original investment amount.

This means the coming days will be difficult for both traders and long term holders. So stay calm, analyze carefully, and take your decisions wisely.

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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 were on penalties so we upgraded our base today and for that I have upgraded my damage stat and after that we used the attacks whose results can be seen below as well.

Below you can see my golem overlord base claim details and we did not win any shards for not playing the game for more than 24 hours but it is alright as we are back to the game already.

That is all I did in Golem and terracore base today.

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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.

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