Stavexbit: The bottom of Bitcoin is closer than it looks, and here's why * Crypto News Today
Stavexbit
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According to Stavexbit, Bitcoin’s fall below the $40,000 level has caused analysts to return to cryptozyme 2.0 forecasts, which envision cryptocurrencies falling 80% from their historical highs, as they did in 2018. The negative scenario is supported by the geopolitical environment and the fundamental picture of monetary policy tightening by central banks.

Despite the unconditional negative impact of the above factors, each of them could be a reason for Bitcoin to rebound next week.
First of all, we should pay attention to the technical picture of the BTCUSD chart. Judging by the lower support trend line, the quotes are still in an uptrend, Stavexbit explains.

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In case Bitcoin declines further, it will act as support, reinforced by the horizontal level, which has already “extinguished” volatile sell-offs. Such a combination of horizontal and inclined supports is called a “knot”, often acting as a reliable reversal point. The knot is reinforced by a wide technical zone between $38,000 and $35,000.

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