Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
It has been a long time since we discussed the current crypto market situation. In this blog, I am going to share the current market scenario, and for that, we are going to look at the chart for Bitcoin and try to understand what is happening in the market right now and what the position of Bitcoin is at this point in time.
For that, we are going to refer to one of the charts that we have been following for the last 1.5 years. In the screenshot below, you can see the chart itself, where there is a big red arrow pointing towards a trend line. That is actually the resistance we are testing at this point in time again and again, and Bitcoin is unable to break it.
Let us look at the screenshot with a little zoomed version so that we can understand what is actually happening. Clearly, in the screenshot below, you can see that Bitcoin failed to break that resistance not once, but four times since it started trading between the two trend lines shown in the screenshot.
Now, still, it's not a bad sign for us because Bitcoin is maintaining and respecting both the support and the resistance trend lines. So as long as we are traveling between these two trend lines, the momentum is getting built up, and Bitcoin is definitely going to explode once we break that resistance successfully.
In the screenshot below, you can see that we have been trading for around 48 days between these two trend lines. It is approximately seven long weeks, which means that we have been trading for almost two months in this zone.
So once the breakout is confirmed, we are definitely going to see a nice pump in Bitcoin. I expect it to cross at least $79K easily. But only time will tell whether that is going to happen or not.
In the screenshot below, you can see the new trend line I have created on the short time frame. This is the four-hour time frame, and this new trend line is between both the initial trend lines that we have been discussing in the entire blog.
Now, this is not quite important, but for people who are scalping and trying to make profits in Bitcoin on a daily basis or even on shorter time frames, they must look at this trend line because it is one of the things to consider while scalping.
So that's all for this blog. I hope it helped you understand the current market situation. It is clearly visible that we are struggling between the two trend lines.
Once Bitcoin breaks it upwards by breaking the resistance, we are going higher and moving towards good levels. But if we fail to break it and somehow come down again to test the support trend line and break it downward, then we might fall further.
Only time will tell what is going to happen. Don't forget to pay attention to geopolitical events and the fundamentals as well. This is just technical analysis, and you must make yourself aware of all the aspects affecting the market to understand the complete scenario.
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here.
In the screenshot below you can see my terracore base where we have used 6 attacks and they were nice as we won 1400+ scraps today.
That is all I did in Terracore base and I did not played golem overlord today but soon I will share from that game as well.
Thank You and make sure to check Crypto Company CEO services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
