Bitcoin (BTC) will be below the $ 100,000 target for analysts by 2021. Kricin CEO Jesse Powell, who was planning to offer $ 100,000 for bitcoin, has long been a fool but rejects a sharp drop in the short term.

One of the drawbacks of being able to put pressure on Bitcoin in the short term is the change in monetary policy of the US Federal Reserve. On December 15, the Federal Reserve announced that it would soon step up its buyback program and also proposed a three percent rate hike in 2022.

Cryptocurrency market data is a daily occurrence. Source: Coin360
CFRA Research’s main investment strategy, Sam Stovall, has historically tried to bring negative returns to the S&P 500 CNBC for 12 months, when federal rates rise to three or more.

If history repeats itself, Bitcoin may struggle to escape in 2021 due to its strong ties to the S&P 500 at various stages. It is difficult to predict whether investors will continue to buy bitcoin in the face of rising inflation. – Makes sense – income-armor.

With this uncertainty in mind, let’s turn to the chart and do a long-term analysis of Bitcoin to determine critical levels.

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BTC / USD
Bitcoin’s sharp rally in 2017 topped the 96 Relative Strength Index in 2017, signaling bearish enthusiasm among traders. Vertical rallies are the least stable and usually go through periods of high retracement or stability. This was the case in 2017 when the bullish move ended.

BTC / USD Monthly Chart Source: TradingView
The BTC / USD pair peaked in December 2017, topping $ 20,000 in December 20,000. This represents a period of about three years building a large foundation.

The pair’s fastest rally in March 2021 increased to RSI from 91 before reserving. However, unlike 2017, the Bells moved an average of 20 months faster ($ 37,281).

This shows that the regime remains positive and is being used by traders to collect. The next rally lifted a record $ 69,000, but the bulls were unable to keep their gains. This shows that traders are protecting profits from releases.

A sharp correction pivots price back to the 20-month high (EMA) and the RSI shows a negative difference sign indicating weak momentum.

If beer falls below the 20-month EMA, the pair could drop to $ 28,800 as critical support. This is important to protect the seed, as the intervals underneath can have a long-term basis.

On the other hand, if prices are above current levels, the pair could return $ 69,000. The destruction and suppression of this resistance can signal the beginning of a rebellion.

BTC / USD weekly chart. Source: TradingView
The Bulls doubled the price to $ 64,899 but failed to keep the high. This can cover up aggressive bulls that have bought paws, leading to a longer finish.

The 20-week EMA ($ 52,016) is slowly returning and the RSI is in a bearish zone trying to bring the bears back. The bulls tried to support the 50-week simple moving average (SMA) ($ 47,709), but failed to lift prices above the 20-week EMA.

This will attract more sales and the Bears are trying to bring down the value of the next strong support at $ 39,600. This is an important level of protection for the Bulls, as it can be as little as $ 28,732.

Such a move could delay the start of the race to the next few feet and a pair from $ 28,732 to $ 69,000.

Conversely, if the price rises above its current level and rises above the 20-week EMA, the Bulls will again seek to overcome the $ 64,899-69,000 resistance area.

If they succeed, momentum may increase and the pair will begin their journey north to the $ 100,000 to $ 109,000 cost zone, where the rally could withstand strong things.

On the other hand, a break below $ 28,732 and the break could push the beer market up to $ 20,000 with strong support.

Source: CoinTelegraph

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