Bitcoin Bulls face a major Test

 Bitcoin Bulls face a major Test

Bitcoin Bulls face a major Test.

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It has been a surprise to everyone that Crypto has dazzled everyone once again. As the Russian invasion started, the global markets collapsed and Bitcoin was shot down, things looked very bearish for risk assets.

  • The price fell rapidly last week, even breaking below the 36K mark. A surge in demand soon followed, and the price quickly rallied to the $45K zone and went back above this mentioned support.
  • An impulsive break to the upside of the 50-day moving average was seen on the daily timeframe. A break through the $100-day moving average and the $45K area will eventually open up a path to the $50K area, if the price is able to move past these levels.
  • Taking a look at the 4-hour time frame, the price action looks more straightforward: The price broke above the $36K support.
  • At the time of writing, the price broke near the $45K resistance level after struggling to break above the $40K level for a few days. Massive demand bulldozed the price past the $40K level by creating giant bullish 4-hour green candles.

Together with the 50-day moving average mentioned previously, the $40K price level that has now turned into support could form a solid support area that could eventually lead to higher lows in the event of a correction.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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