Bitcoin: It's high time there is a move in either direction.
hive-167922·@karamyog·
0.000 HBDBitcoin: It's high time there is a move in either direction.
A lot has happened during this week as far as traditional markets are concerned. OPEC+ could not come to an agreement. I was expecting oil prices to bounce but overall macro forced some downside in Brent crude. Crude corrected to 50 DMA and then has continued trending upward. I could not post for 3 days because I was driving from New Delhi to Mumbai. 1400 km later, I am back home and waiting for 2 things - some rain to take care of Mumbai's humidity and Bitcoin to move towards 40k.  The 4-hour chart of Bitcoin does not have much to say. Apart from support at 30k, and RSI indicating just about oversold conditions, I feel that there is room for further downside from here. This chart indicates Bitcoin can go back to 30k, although this is more of a dud chart and we may need a longer-term view.  RSI has been hovering in a symmetrical triangle on the daily chart. Bitcoin is just not able to close above 50 DMA. Bitcoin could bounce to the upside looking at the RSI but it is the break of 50 DMA that matters. Let us look at the weekly to see if there is any strong indication there.  50 WMA is at 31.5k. That is a key level of support in this bull run. In an earlier post of mine, I had said that Bitcoin will first go to 31k and then 40k. I still continue to hold that opinion. Before seeing any strong bounce on the upside, we might still see a small downtick on the weekly chart till 50 WMA, and then the daily chart will take over. The ride to 40k can be long and boring but with an asset like Bitcoin, it is way too difficult to predict how fast or slow will its move be. Only levels can be identified. So there you have it. I reiterate 31k before any move to break 50 DMA is concerned. Whatever it is, it is now high time that Bitcoin makes up its mind and picks a direction - either below 30k or above 40k. Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@karamyog/bitcoin-it-s-high-time-there-is-a-move-in-either-direction)
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