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Bitcoin Technical Analysis: Today

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Bitcoin continues to occupy a place in our lives with the potential to change the way we live. The first thing that comes to mind is that Bitcoin is used as a means of exchanging money or sending money from one place to another. However, Bitcoin has a very different and important area of ​​use. Bitcoin can be used as a value store.

The value store is used for values ​​where people are willing to pay their money. For example, gold has always been a storehouse of value. Because it is valuable and limited. People also see paying gold as an investment and a safe harbor. But gold is not money and is not used as a means of exchange. When you go to the market, you do not pay with gold for your shopping. You use money because money is an exchange tool, but gold is worth.

The question of whether cryptocurrency is a means of exchange or value continues to be discussed around the world. Although it may seem like an endless discussion, the basic idea in this discussion is as follows; The vast majority of crypto coins will continue to be used as a means of an exchange over time. But among them, only Bitcoin will be considered a value. Because Bitcoin is not money. It is a protocol that is not used in the vast majority of shopping stores in the world. It has been pleasing to read that in the recent past Bitcoin accepts payment with Bitcoin from stores or shopping platforms that accept Bitcoin. We thought that he was getting accepted and his awareness increased. Now it is quickly becoming a value and safe harbor by changing its form.

Now let’s take a look at the graphs about what the value of this value will be.

On the daily chart, we see that the price tested twice the 50-day EMA but failed to exceed. As a result, we can say that the price has let itself down and is looking for a new direction again. However, the price will try to retest the 50-day EMA this weekend. If it exceeds, we will see a serious move up. But if the opposite happens ki a bearish flag structure has begun to emerge as shown in the graph, in which case the price will move towards its downside support. In both scenarios, our priority should be to follow these two technical analysis details. How will the price move according to the 50-day EMA and will there be a possible bear flag?

Considering the 4-hour chart, it is a sight that the resulting price is trying to fall. We can see that there were upward moves before, but this was replaced by a new structure. It is possible to say that if the price which loses power by zigzags up and down in the structure terminates the current structure, it can go down as high as h height. At this point, the price that will encounter two different support channels will try to return from the first of them, but if it fails to quickly move to the support channel below. However, it should be kept in mind that the price pumped in various ways can move out of the structures as usual and make various moves in the upward direction.

The 1-hour chart shows us profitable trading points very clearly. For those who know that very successful transactions can be made by knowing only the resistance points of real (!) And hidden (!) Support, the hourly chart says follow me closely. If the psychological limit of $ 10,000 is exceeded, the next point appears to be $ 10,200, even if it is not mentioned in the graph. But this level is a very easy level to break is not considered too much. The next $ 10,400 is a level where there are large breaks in both directions. $ 10,700 and beyond points $ 11,000 and above.

The points that will be tried to be broken in case of a possible downward trend of the 4-hour chart are in the previous chart. We will wait to see if the price, which has exceeded the $ 10,000 line at the time of writing, can hold up at this important point and move up or down. We must wait and see! At this point, entering the transaction carries a great risk. The price has the potential to go in both directions. Therefore, the most accurate strategy will be “Wait and See! Gibi as we have said many times.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.