Indeed bitcoin as the giant in the crypto space never seizes to surprise us with awesome movements. Last week we expected a fall to $29,000 and yet the impending support level at $30,921 has really made the price have a rethink on its downward movement.
As it stands now bitcoin in itself is seeing more investors who are willing to push the price higher. Though we cannot ascertain the beginning of the new uptrend until the price breaks resistance level at $40,855 and makes a restest; then more investors will have room to join the spike making it safer and healthier for us to join the trend.
After the cross of price above $40,855, then we wait for a retest and use our usual MACD cross for better breakout entries.
Looking at the technical indicators:
- Major Support Level – $34,018