CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/GBP
Bitcoin has been sustaining above the £30,936 breakout level for the past few days, but the momentum has not picked up. This shows hesitation among traders to buy at higher levels. But the bears have not even been able to pull the price down to £30,936, which suggests that traders are holding their long positions and are not closing them as they expect the uptrend to continue. The upsloping moving averages and the RSI in the overbought territory suggest the path of least resistance is to the upside. If the bulls can propel the price above £36,000, the next leg of the up-move may begin. The next target on the upside is £40,872 and then £44,424.35. Contrary to this assumption, if the bulls fail to push and sustain the price above £36,000, the short-term traders may book profits and that may pull the price down to the breakout level at £30,936. This is the critical level to watch out for. If the BTC/GBP pair rebounds off £30,936, the bulls will try to resume the uptrend. On the other hand, if the bears sink the price below the support, the pair may drop to the 50-day SMA and then to £21,000. Cryptonaire Weekly | February 16th 2021
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