Crypto Expert Advises BTC Investors to Look at Short-Term Resistance & Support

2022-1-4 22:31

Bitcoin’s rally to recover losses is hampered by $48K and $49K resistance levels.

According to prominent crypto trader Michael Poppe, prospective Bitcoin investors would do well to study current short-term resistance and support levels. Resistance levels are points on a bitcoin price chart where the upward price movement is hampered by an inclination to sell the asset. The asset owner may choose to sell, since once the price hits the resistance level, it may drop again. Similarly, a support level is a level at which buyers will buy before the price increases above that level. Good trading opportunities arise when support or resistance levels are broken.

Poppe opines that bitcoin needs to break through the resistance levels of $48K and $49K to rally above $51K. The current $46K and $47K support levels provide a solid foundation for reclaiming recent losses and starting a bullish trend. Poppe believes that if bitcoin loses the $46K and $47K support levels, it can find support at $41K to $42K. BTC dropped between Dec. 27, 2021 and Jan. 2, 2022, and fell to a low of $45.678 in the process.

Bullish predictions for 2022 for BTC

CoinMarketCap.com’s cryptocurrency community is known for its accuracy in predicting bitcoin’s price. The community has been 90.75% accurate in the past. They now expect that bitcoin will trade at $52K in Jan. 2022. A total of 77201 community members predict a minor correction back to $51560 in February. As BeInCrypto reports BTC’s RSI, which is a momentum indicator, suggests a neutral trend.

Nexo founder Antoni Trenchev revealed that he is bullish on bitcoin, considering its rally of close to 1000% in 2020 and 63% in 2021. He believes that it should reach $100K by the end of the year due to institutions “building out their treasuries, filling it with bitcoin,” and due to more significant macroeconomic trends that allow crypto to be an inflation hedge and “gold 2.0.” Trenchev is impressed with how far bitcoin has come in the 13 years since its inception as a store of value and a medium of exchange, and is convinced that it can boost economies with problems.

Not everyone is optimistic

Carol Alexander, a professor of finance at Sussex University, said she anticipates bitcoin to drop to $10K in 2022. She is bearish because she believes that bitcoin has “no fundamental value” and serves as a “toy” more than an investment. She uses bitcoins drop to $3000 from $20000 in 2018 as a point of departure for her argument.

What do you think about this subject? Write to us and tell us!

The post Crypto Expert Advises BTC Investors to Look at Short-Term Resistance & Support appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Resistance (RES) на Currencies.ru

$ 0.0018624 (+0.63%)
Объем 24H $3.518k
Изменеия 24h: 0.10 %, 7d: 11.67 %
Cегодня L: $0.0018624 - H: $0.0018624
Капитализация $0 Rank 3118
Доступно / Всего 0 RES

resistance short-term advises crypto support btc look

Источник: beincrypto.com

resistance short-term → Результатов: 126


Фото:

Analyst: Ethereum Could Rally Towards $432 if Bulls Flip One Key Level

Ethereum has continued seeing lackluster price action while Bitcoin rallies past its critical short-term resistance The crypto is on the cusp of flipping its $390 resistance, however, which could give it freedom to rally significantly higher in the short-term One trader is now noting that a surge up towards $432 could be in the cards if ETH can break above its short-term resistance level This would be a significant rally that potentially puts a firm […]

2020-11-1 22:00


Ethereum is About to Rocket Higher as Bulls Break Multiple Key Levels

Ethereum’s price has been moving in lockstep with Bitcoin’s throughout the past few days Although this previously caused it to see a prolonged period of boring and lackluster price action, it eventually worked in ETH’s favor The cryptocurrency is now rallying higher and approaching its crucial $380 resistance as buyers take full control of its short-term price action The ongoing upswing is significant, as it has allowed both ETH and BTC to shatter the selling […]

2020-10-11 22:00


Фото:

Up or down? Bitcoin (BTC) price prediction for October

Bitcoin (BTC) price gained 2. 4% yesterday to clear the short-term resistance at $10,500. The buyers have extended their weekly gains today by recording a 3-week high above the $11k mark. Fundamental analysis: CBDC plans accelerated Reuters reports that a group of seven central banks met today to discuss a potential roll-out of central bank digital currency (CBDC) in the future.

2020-10-10 17:04


Фото:

Will Ethereum’s Strong Weekly Close Be Enough to Propel It Higher?

Ethereum has been hovering between $420 and $430 for the past few days, with the resistance found around $450 sparking a prolonged consolidation phase The cryptocurrency has been unable to extend its recent upwards momentum after facing a rejection at this level This has pointed to some underlying short-term weakness, although its long-term outlook remains incredibly bright Analysts are now noting that the token may be well-positioned to see significantly further upside after it sees […]

2020-8-18 23:00


Фото:

Here’s How Low Ethereum May Need to Plunge Before it Can Rally Higher

Ethereum saw a massive price spike yesterday that allowed it to shatter its previous resistance at $400 From here, the cryptocurrency rallied nearly 10% higher until it hit the $430 region, which is where it found some short-term resistance Although being incredibly strong at the present moment, analysts are noting that it may first need to see a deep pullback before its price can push any higher This may lead it as low as $360 […]

2020-8-15 23:00


Фото:

Ethereum Reaches a Turning Point; Here’s What Could Reverse Its Uptrend

Ethereum has been consolidating alongside Bitcoin throughout the past several days, struggling to break above the heavy resistance that has been formed at $400 This consolidation phase has offered little insight into the cryptocurrency’s near-term outlook Analysts are now noting that ETH may be well-positioned to see significant upside in the short-term One trader is noting that there is one level that could invalidate this strength, but it remains unclear as to whether or not […]

2020-8-11 23:00


Bitcoin is Pushing Against a Crucial Level as Chances of an Explosive Rally Grow

Bitcoin and the entire crypto market saw a strong afternoon yesterday. This allowed BTC to push up towards $11,800 The cryptocurrency is now caught within what will likely be a short-term consolidation phase at just under $12,000 Whether or not it can surmount this crucial resistance today will help offer insights into its short-term outlook One analyst explained in a recent tweet that yesterday’s daily close does seem to indicate that a break above this […]

2020-8-7 21:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru