Bitcoin has been experiencing an uncertain time recently. The last bull market lasted roughly from last July until it ended in November, when the trend was broken and a path downward was started. For the first few months, the line was clear, the market moved downward. In January, however, there was again reason to hope for a new way up. Between clear support and resistance, Bitcoin slowly but surely moved upwards. However, this hope now seems lost, as support has been broken.
Bitcoin breaking through support
With support broken, hope for the future seems to be lost. The past few weeks have been very uncertain. If the previously mentioned clear resistance would have been broken, this could have meant that a new bull run would have been started. When the clear support would have been broken through, a bad time would have come for the market.
So the latter has now happened. The support, first found in January, was broken when it was reached for the fourth time. To quote our own TA specialist: ‘Can’t deny anymore, this looks very bad. I decreased my exposure.’ So it does not look good.
A next bottom could possibly be found around a price of $29,000, where there is fairly clear support. This support dates back to the red period between May and July of 2021. However, it is currently very difficult to say what Bitcoin will do.
Despite the fact that the market is difficult to gauge at the moment, TA specialists have still been able to share nice calls in our own VIP group recently. As a result, our members have fortunately been able to make a profit during this red time. Want to become a member? For more information, please visit this page: Cryptolibrary VIP Group.