Moving Charts: BTC Value Per Coin Analysis | 10% To @tron-fan-club
Hello everyone and welcome to everyone at Tron Fan Club. After creating a new all-time high in March 2024, Bitcoin has been consolidating for a long time. Hence, we witnessed downtrend in the last months with some exceptions. This week, we saw BTC fluctuate a lot above the strong support zone. Today we will look at the price movements of BTC and reflect on where it could go next.
Last week, the King of Cryptocurrencies, BTC was hovering around 58300$ level. BTC was on downtrend for weeks. This move continued in this week also. In this weeks, BTC fluctuated a lot above the strong support zone of 53000$. At the started of the week, BTC started falling following the bearish trendline (shown above). Due to fall-out, BTC went down to the 52500$ level, which is clearly a strong support zone.
After the fall, BTC quickly bounced at the support level. After getting bounced at the 52500$ zone, BTC gained momentum and so started going up. Currently, it clear that BTC needs to hold onto the support level of 52500$ zone. It also needs to break through the bearish trendline. It is now at 54000$. This is ultimately a 7.5% lose in value over a time span of seven days.
All Screenshots are taken from Coingecko
No words from this article should be taken as financial advice.
Thank You for reading.
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It is a great post of BTC Value Per Coin Analysis.
Great article you have shared, truly am happy to see you always show analysis on btc and as always you have dropped a good one too, hopefully Bitcoin bounces back to new heights.