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Bitcoin Price Support Over $45k Is Very Crucial - Know Why?
2021-12-14 | Daniel Smith
BTC/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM
Why do certain investors believe there will be more drawbacks? After reaching fresh all-time highs, Bitcoin price has a tendency to form double tops, M-tops, and head and shoulders patterns, according to more seasoned traders. Analysts on cryptocurrency Twitter have recently alluded to something they believe to be a double top, which is a definite trend reversal pattern. Glancing at the daily time period, we could observe the beginnings of what appears to be ahead and shoulders pattern. The present declines and subsequent stabilization might finally finish the right shoulder, with a neckline at $41,500 and a price objective around a level that is so ridiculously low that it will not be stated here. Investors will also observe that the neckline of the head and shoulders pattern coincides with a large gap on the Volume Profile Visible Range (VPVR) signal, indicating heightened purchasing activity exactly near the $40,000 level. At the present, it's too soon to create too much of a commotion over the existence of an H&S pattern, particularly since price action analysis cannot be defined by a solitary signal, but it was still worthwhile mentioning. While Bitcoin's present price behavior does nothing to encourage trust in traders who purchased higher or anticipated the price to trade in the $74,000 to $80,000 region in December, analyst Mohit Sorout lately stated that periods of negative financing have demonstrated to be excellent earnings season. On a daily basis, the moving average convergence divergence (MACD) and Relative Strength Index (RSI) are both sold more than expected, indicating consolidation periods and attractive chances to dollar cost average into new long positions.
