Check out these Bitcoin price levels after graduation day volatility
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Bitcoin rallied above $109,000 ahead of Donald Trump’s inauguration on Monday, but the gains were pared after the new US president made no mention of the cryptocurrency in his inauguration or other speeches.
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At the end of the week, two candlesticks were established on the cryptocurrency chart, warning of the possibility of a lower move.
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Investors should watch for key support levels around $92,000, $87,000 and $74,000 on the Bitcoin chart, while also monitoring important profit areas near $106,000 and $120,000.
Bitcoin (BTCUSD) He set a new record in the past Donald Trump But Inauguration Monday contrasted those findings with the new US president, a vocal supporter of the cryptocurrency market, saying nothing about it either during his inaugural speech or after taking office.
Bitcoin has gained nearly 50% since the early November election on hopes that the Trump administration could ease regulatory measures. bitcoin reserve and pursue other initiatives that encourage wider adoption of digital assets.
After rising to $109,300 on Monday morning, bitcoin was recently trading at $102,800.
After going up today All time highthe price of Bitcoin has bounced back a Shooting starA candlestick pattern that warns of a potential reversal. Moreover, the shooting star a bearish engulfing pattern At the end of the week, another candlestick pattern warns of a downward move.
With further signs that price momentum is slowing down, as today’s peak is higher, the 2018 Relative Strength Index (RSI) He made a relatively shallow elevation to create a depression Difference Between the price and the indicator, it indicates that it is possible Double top.
Let’s identify the three key stages in which Bitcoin is attractive Support period a return againBut if the price of the cryptocurrency continues to rise, look at the important profit areas that could come into play.
The first key low to watch is set around $92,000. This area may experience support around early November. end Closely compatible with many Back off Pools formed on the chart between late November and early January.
A close below this level could see a drop to the $87,000 level, where investors can look for buying opportunities near the bottom on the chart. Pennant pattern That was before the cryptocurrency activity peaked in the first half of December.
Failure of Bitcoin bulls to defend this level opens the door for a more significant decline towards $74,000. Supporting investors Buy and hold You may need strategies Entry points In this region for several months Horizontal line It connects the peaks of March and October 2024 with the nearest increase. 200-day moving average.