Bitcoin, Bitcoin Prices, Digital Currency, Digital Asset, Cryptocurrency

Bitcoin, Bitcoin Prices

Has Bitcoin Been Building Strong Support Above $30,000?

Bitcoin has been trading north of $30,000 as the digital currency consolidates. Has the cryptocurrency established this price level as an area of significant support?

1/22/2021 8:58:00 AM

Bitcoin has been trading north of $30,000 as the digital currency consolidates. Has the cryptocurrency established this price level as an area of significant support?

Bitcoin has been trading north of $30,000 as the digital currency consolidates. Has the cryptocurrency established this price level as an area of significant support?

"Bitcoin staged a strong bounce last time it retraced into the low $30,000s, and it is likely there will be another round of dip buying at these levels.”“This will likely be used as confirmation that the bullish trend is still intact, and catalyze BTC back towards $40,000.”

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While Vinokourov offered an optimistic outlook for the digital currency, Mashinsky noted that “there is very little support between the $24k-$30k levels and then at the $20k levels.”“If we breach $30k with big enough volume, you will see us revisit the $20-$24k levels as I predicted several times” before, he said.

Jon Pearlstone, publisher of the newsletter CryptoPatterns, also weighed in, stating that:“A normal correction might go as low as retesting the prior high breakout at $20,000, but we've shared support levels with our followers of more bullish patterns that say there should be support in the $27,000 - $29,000 range.” headtopics.com

“A break of these levels with high volume will make the retest of $20,000 the most likely path,” he concluded.Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. Read more: Forbes »

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