Will Bitcoin start pumping ? should we start to buy.
Bitcoin is currently in downtrend from last couple of days, the reason can be , Elon musk statement, in that he said that Bitcoin and Ethers price is seems to be high, from that day Bitcoin facing a heavy sell offs.
Presently bitcoin is trading around 46620$, Bitcoin has already tested the first support of 45000$, it may retest the same level soon.
As shown in the image Bitcoin may form the descending triangle pattern we may see the bitcoin in the range of 52500$ to form the descending tringle pattern .
Support And Resistance?
As per the daily time frame bitcoin has first support around 45000$ , and second around 40000$, on the upper side first resistance around 52500$ and ultimate resistance around 58000$.
Buy or Sell entry.
We can long the bitcoin around 45000$ for the first target of 52500$ we can see this in upcoming days with a strict stop loss of 44500$.