CRYPTONAIRE WEEKLY MAGAZINE 215TH EDITION IS OUT NOW
The #1 CRYPTO TRADING MAGAZINE However, analysts remain bullish for 2022. Antoni Trenchev, managing partner of crypto lender Nexo, forecasts Bitcoin to reach $100,000 by the end of June as he expects accommodative central bank policy to continue. Trenchev said: “Cheap money is here to stay which has huge implications for crypto,” as “the Fed doesn’t have the stomach or backbone to withstand a 10%-20% collapse in the stock market, along with an adverse reaction in the bond market,” Bloomberg reported.
It isn’t that everybody is bullish on Bitcoin in the short term. Veteran trader Peter Brandt recently tweeted that Bitcoin’s bottoms usually occur after “high volume panic capitulation” and that has not yet happened.
Bitcoin turned down from the overhead resistance at £39,299 and plunged below the 200-day simple moving average on December 29.
The bulls have managed to defend the £34,031.76 support for the past few days but their failure to sustain the rebound above the 200-day SMA indicates selling by the bears at higher levels.
The downsloping 50-day SMA and the relative strength index (RSI) in the negative territory suggest that the path of least resistance is to the downside.
If bears pull the price below £34,031.76, the BTC/GBP pair could resume its down-move. The first support on the downside is £30,000 but if this level gives way, the decline could extend to £26,845.
The first sign of strength will be a break and close above £36,000. Such a move will suggest that bulls accumulated on dips to £34,031.76. The pair could then rise to £39,299 where the bears may again mount a strong resistance. A break and close above this level will indicate that the downtrend could be over.
Lastly please check out the advancement’s happening in the cryptocurrency world.
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Featuring in this weeks Edition:
- Funganomics
- Mine Network
- Quizarena
- Hubble Protocol
- Bitshiba
- Solidus
- DeGeThal
- DeepSquare
- Mirai LabsRead More
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