This week we expect bitcoin to climb a bit even though we fear that it might not reach its new overall high, $64,000.
The present bitcoin chart shows that there might be a reversal soon. Even as this is speculation, every stake should be guarded jealously so the fall does not swing you along.
There was a huge rejection when the price touched $51,207 because the climb to $64,000 was initially supported by this level; so to break this level lower will require quite an amount of investors selling their stakes.
Presently, bitcoin price has failed to push above the 200EMA and this might also mean the beginning of the downtrend.
Looking at the technical indicators:
- Major Support Level – $56,236