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Crypto Daily: Bitcoin Can Decrease to Downtrend Line

13 August 2021, 10:08

2 min reading

Crypto Daily: Bitcoin Can Decrease to Downtrend Line

$40,700 – $42,200 range has been the main resistance level in the recent past, which stopped the strong growth of Bitcoin by 30% in 10 days.

Crypto Daily: Bitcoin Can Decrease to Downtrend Line

Over the past day, the price of Bitcoin has decreased slightly and most of the time it was about $45,000. Trading volumes continue to decline this week and are already down 30% from Monday. The rest of the market also showed a 2% decline and lost $40 billion in capitalization.

Let’s take a look at the chart of the first cryptocurrency to understand in which direction the chart will move over the weekend:

In the last 3 days, we see that the chart is drawing a reversal from the $46,000 – $47,000 range. It is in this area the major resistance is located, which buyers could not overcome on the first try.

 

In the last 3 weeks, the chart had a clear upward structure, which consists of strong growth with minor corrections. If we draw a local trend line, then there is a high probability that the chart will come back down and test it at the level of $41,500.

 

At the same level, the downtrend line crosses the uptrend. This sloping line is the border between the bull and bear market at the moment. Typically, the chart will always retest such formations.

 

In addition, the $40,700 – $42,200 range has been the main resistance level in the recent past, which stopped the strong growth of Bitcoin by 30% in 10 days. Now, this level should become the strongest support level. It is necessary to carefully monitor how buyers will behave in this area. If they can protect this price, then Bitcoin’s growth in the coming week will be ensured.

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Crypto Daily: Bitcoin Can Decrease to Downtrend Line
Crypto Daily: Bitcoin Can Decrease to Downtrend Line