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Bitcoin is still yet to recover from it’s over the weekend slump but thankfully it hasn’t continued to fall either. On Monday the crypto giant reached as low as $30.2K, however, it recovered sharply. Yesterday, it continued its advance towards the 36.4k resistance level and then reversed.
Initially, it seemed like it was going to form inverted heads and shoulders, a reversal pattern that could end this downturn and resume the beautiful rally. Sadly we can see that the bears are busy breaking trend lines.
Read: Forex Morning: strength in the markets, Eurostat to release industrial production report
Bitcoin price currently sits just above $33k where there seems to be some support for the bulls. If the bears succeed in claiming this level, the next point to watch will be the $30K psychological support level. If price breaks this level, we may be in for a painful apocalyptic drop.
As usual, altcoins like Ethereum, Litecoin, XRP and Bitcoin cash are still down waiting for direction from their leader, Bitcoin.
By: Victor Nnadi
An Independent Economics Researcher
