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Bitcoin is struggling and adventurers may get rich quickly

 


Bitcoin has been exposed to many negative events over the past few days, starting from Elon Musk's tweets, through the statements of the President of the US Federal Reserve and ending with the recent Chinese ban, while other countries are currently included in the list of Bitcoin opponents

But it is noticeable that Bitcoin has managed to hold a lot during the beginning of this week's trading sessions and the momentum indicators are currently positive, Bitcoin found a lot of support at 61.8% Fibonacci retracement 34785 and is currently trying to rise towards 50% Fibonacci and this may need some time if the current positivity continues, while the drop below 61.8 % Fibonacci will push Bitcoin towards the bottom of the demand area at 16188, which is an area around which there will be large volumes of purchase orders, but currently it does not seem that Bitcoin is planning to head towards the bottom of the demand area as it is currently defending the last support level before falling to the bottom of the demand area

If Bitcoin can hold above 61.8% Fibonacci, then that will be a clear indication of its ability to hold, which will push more buyers to buy around this level, which may quickly return Bitcoin above 50% Fibonacci. Let's start talking again about the possibility of re-targeting 53000 and 60,000.

Currently, Bitcoin has a clear crossroads: trading stability above or around the last support, or a drop towards the bottom of the 16188 demand area.

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Bitcoin is struggling and adventurers may get rich quickly Bitcoin is struggling and adventurers may get rich quickly Reviewed by DR HISHAM M YOUNES on May 24, 2021 Rating: 5

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