Although from the perspective of the US dollar and risk appetite, the price trend of Bitcoin (BTC) should have been boosted last week, unfortunately, there was negative news in the crypto circle last week. According to reports, the cryptocurrency bank Silvergate announced that it will delay the submission of its annual 10-K report for the 2022 fiscal year. Silvergate stated that "the company is currently analyzing certain regulatory inquiries and investigations related to the company." Immediately afterwards, many cryptocurrency companies and cryptocurrency trading platforms such as Coinbase, Circle, and Tether urgently announced the termination of business dealings with it. The news caused panic in the crypto circle and put pressure on the price trend of Bitcoin.
The daily chart shows that the price of Bitcoin (BTC) fell sharply last Friday, breaking through the range of 23,000 to 24,000. It is currently holding steady near the upward support line of 22,000, which started on January 18, and there may be an opportunity for rebound correction in the trend. If it goes up, the initial resistance will focus on 23,000, and further up, the resistance will focus on the 20-day moving average range of 23,600 to 24,000. Continuing to break through will win the opportunity to challenge 25,000 again.
Personal trading strategy: Enter the long position at 22,000-22,400, with the first target at 23,000 and the second target at 23,600.
However, if it effectively falls below 22,000, it may usher in greater downside space, further down to 21,500 and 20,000. Therefore, it is necessary to set stop-loss strictly, and stop-loss promptly when breaking through the support. I will also continue to pay attention to changes in the market and give the latest strategies, please continue to pay attention.
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Are you looking forward to rising too?
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Currently focus on testing 22K support
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22K is very critical
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have you started?
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Unfortunately
Comment:
The first round of Bitcoin's decline has shown a three-wave pattern, approaching the 38.2% Fibonacci retracement level and the previous platform support area, where a rebound may occur. The resistance above is between 22600 to 23400, while the support below is between 21400 to 21000.
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The market sentiment is generally pessimistic, so plan to hold for a long time
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20k
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Those who buy below 20K start to make a profit
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nice
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we won
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Challenge to earn 10 mil a month
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tp
