The entire crypto market is up overall going into the New York Session, and Bitcoin is currently above the $50K psychological level at the time of writing this. Price has not seen this level for about a month since bitcoin was crushed by China's continued pressure on the market.
Just like any market, crypto goes through cycles of uptrends and downtrends. However, in a relatively new and emerging market, we can see upside for an extended period of time with momentous returns. And the same applies to the downside, but money can be made both ways. The first level for bitcoin was that golden cross we talked about a few weeks ago in this article. Now, it seems that the crypto will have to maintain price above $50K in order to continue its bullish move. Otherwise, we will likely see a retrace.
Bitcoin is currently above $50K, and formed new support around $49,246. I think it will be important to watch price action closely today to see whether it can stay above this level. $51,031 is the next potential resistance level on the 4H chart if price keeps running up, and it looks like we could very well see that level get tested today. In short, if bitcoin closes the day above $50K, I think this crypto will likely have enough momentum to catch another big run to the upside.
10/26/2021 A string of articles have come out recently that will make you consider crypto and the potential around the emerging industry. Here are a few article headlines that I will summarize and explain why this is really important to the market as a whole. Tesla May Restart Crypto Transactions Again Several months ago, Tesla […]
Today I'll share some economic analysis on the CPI report and what to look for in order to tell if inflation will get worse. Lastly, I'll cover some ways that you can make an investment play on inflation. September CPI Report The Consumer Price Index report for September 2021 was published on October 12, 2021. […]
10/25/2021 Gold and crypto pairs have been on a tear recently due to several factors and one of them being inflation. Some analysts are calling for a prolonged run in demand for the precious metal and a $3000 per oz price in under a year. Our outlook I think that gold has been due for […]