Moving Charts: BTC Value Per Coin Analysis | 10% To @tron-fan-club
Hello everyone and welcome to everyone at Tron Fan Club. With the recent movements from Bitcoin, it has puzzled everyone. The volatility was at peak last week. Let's take a look at the King of Cryptocurrencies, Bitcoin's performance in the last seven days.
With a slow start, the week soon turned out to be full of actions. We started by hovering just above the 37000$ region. As we analysed the chart previous week, BTC was following the trendline (shown above). On 15 November, BTC, all of a sudden fell through that line.
The support at sub 35k zone is clearly strong. So, BTC bounced at that level and soon regained the trendline. With giant green candles, it soon reached the resistance of 38000$. Unfortunately, BtC got rejected there.
After getting rejected, the fall was quick. Currently, there is a support level that BTC is clinging onto. It needs to hold onto the support line and break the next resistance level of 38000$ with a successful retest. If BTC can break the resistance at 38000$, there will be the massive 40k$ resistance ahead of it. However, it seems more likely that we may visit 35k again. BTC is down 1.1% over the last seven days.
All Screenshots are taken from Binance
Nobody knows what's coming next. We may fluctuate between the confirmed support level and resistance for a while, which are 35000$ and 38000$ respectively. The news from outside world may direct BTC to where it would go next.
Market is very volatile right now as it has always been. So, if you are investing or trading, be always cautious. No words from this article should be taken as financial advice.
Thank You for reading.
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Since BTC has bounced back from the $38k resistance, I think it could roll around here for a few days and if this resistance can be broken, we could see as high as $40k. Thanks for sharing.
The support and resistance level are paramount. If they are both strong, we would see Bitcoin bouncing in between like a fish in an aquarium. I just hope it breaks the resistance level, and soar to 40k.
You have done a quality analysis on the price value of bitcoin, I only hope we resume a new upswing movement tired of the bear market already.
You have share a great content