It is a very tense situation, Bitcoin has started a major drop below 44000 after the rumors of EFT rejection. BTC suddenly dropped at about 10 percent which was a big hesitation.
It brought hustle and bustle amazing ng the traders and investors. At once all the Alt coins and meme coins dropped more then 15 percent each. The panic senario was developed. Every one was trying to be in the safe zone.
Millions of dollars lost by the traders and investors. It was looking that Bitcoin will take a big move forward down side, The rumors put a very bad effects on the market and Bitcoin declined even below 40 thousand.
There was a big break below the bullish trend line support near 43000 on the hourly chart BTC/USDT Pair.
Bitcoin in a struggling phase
Now the market is in struggling phase it is looking that it will move upwards again and will try to strengthen it's bullish momentum.
when a low of 39509 was formed the price started a recovery waves and the price move between 41000 to 42000 again. Now it is moving to recovery zone, its price is moving above 43000 but still it is in dialima.
If the price give a close of above 43500 then we can say that the level of 43500 could send the price higher and it could break the next resistance level of 440000,.
Breaking the level of 44000 could again open the door of bull run and the market could move towards 45000. One the other hand if Bitcoin fails to close 43500 then we see an immediate decline.
42000 is the support level and the next support level is 42500. It Bitcoin breaks the support of 415000 and go downward then a bearish momentum will start and once again it could go deep bearish till the halving.
The content I shared with you guys is based on my education and knowledge. I wish you people will appreciate this post and reblog if you like it. Thanks for sticking till the end.
