The BTCUSD pair on the monthly chart shows that the crypto traders who are shorting the BTC are engulfing the previous month
Introduction
Some crypto broker such as Pocket option fears the uncertainty rocking the cryptocurrency market as the price of the BTC tumbles over other coins. The cryptocurrency market has seen its value drop in the last 7 months and lost about $1.7 trillion and the number one coin has dropped about 56% from its ATH of 69000. Crypto brokers can only hope that the market sentiment improves because investors’ emotions have not yet hit Capitulation.
BTCUSD: Technical Analysis
Monthly Chart
Monthly Resistance Levels: 69000, 48300.
Monthly Support Levels: 32950, 28600, 34000, 40000.
The price of bitcoin drops lower during the trading week again and it went as low as the support zone of 25400. The BTCUSD pair has broken the all-time-low of 01 July 2021 and we may see the price of BTCUSD drop lower.
The bitcoin is likely going to retest the support zone of the 20000-dollar mark if the Bears continue to control the market. The 20000 level is another area crypto brokers will be eyeing for a possible position to go long if the price cannot find support around the 30000-dollar mark.
Weekly Chart
Weekly Resistance Levels: 52000, 48235, 34000
Weekly Support Levels: 28600, 25000.
The long crypto brokers who have placed an order for a long position trade must have experienced some drawdown when the price of bitcoin closed below the neckline of the 32120 zone with a spike before the price bounced up. The support zone is still under pressure from the sellers and there is no certainty if the support zone will still hold for the long position traders.
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Daily Chart
Daily Resistance 48234, 42978, 50500,
Daily Support 20000, 15000, 25000
The BTCUSD pair is suspected to have a larger chain volume sitting around the $32000-$40000, while the sentiment of going long is low. Previously bitcoin has historically sustained itself above the previous cycle high. If the bitcoin price should fall below the $20000 level it will break that circle.
The Bulls do not stand the chance to dominate the crypto market as the support levels have been broken and the bearish momentum is still strong against the Bulls. The bears have moved over 48% from the high of 48235 level to the low of 250000.
Bullish Scenario:
No bullish scenario because the predominant trend is bearish in all the time frames. If the 30000 levels can hold, we may see the Bulls come into the market.
Bearish Scenario:
The Bearish scenario will continue if the price of bitcoin closes below the $25000 level on the daily chart. the bearish scenario continues to play out in the market until a reversal pattern is established for a new trend.
Bitcoin BTC News Events
Bitcoin Investors Buy into the weak price of BTC.
Crypto brokers and investors are buying more bitcoin as the price weakens. The funds recorded is at their highest inflows of fund into the crypto as investors buy more of the coins. Over $20 million has flowed into the market in the last days of the trading week. Investors see it as an opportunity to pick cryptocurrencies at a cheaper value and the most preferred coin is bitcoin for the dip buyers. CoinShares reports suggested that investors are running to a safer coin like bitcoin which offers blockchains after their experience with the collapse of Terra.
Recently, El Salvador just tweeted that it has added 500 coins more by buying the dip at the average price of $30777 according to Nayib Bukele the president of El Salvador. Also, another popular writer, Robert Kiyosaki commented on buying the dip of bitcoin even at lower levels. Some analysts like Bitcoin crashing said that they are waiting for the price of bitcoin to crash to 20K and wait for it to bottom down to 17K before he takes advantage of it to get rich.
Conclusion and Projection
The BTCUSD pair is still bearish on all the time frames and crypto brokers with short positions are having the best of the BTCUSD pair.
There is fear and greed that the Bitcoin price may drop lower in the coming weeks if the current support level is taken out. The reaction of investors, crypto brokers, and events happening around the economy will be determined the rise of bitcoin if sentiments improve in the cryptocurrency market.
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This article will not be giving advice for investment. It is strictly for educational purposes. Please consult your financial advisor when trading on leverage instruments, as we will not be liable for any losses incurred. Your capital may be at risk
He has over 7 years of experience in crypto trading.
noahjones@crypto.auz.net
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