Market Update: Will Support hold again for Bitcoin?
Hi traders, today we’re back looking at the largest crypto currency by market cap. Bitcoin has once again returned to key support, a level that continues to be defended by buyers.
Key support we’re watching is at 44,325 and just around it. This level/area has held for Bitcoin buyers since mid-August. What reinforces the demand is the number of times we’ve seen a blow through that have been stopped and reversed back above. For us, this is a strategic area for buyers. It’s currently the only main level holding thing up for buyers after the recovery trend break.
Above at 48,772, we can see the last high that’s formed a new lower high. This is part of the pressure that’s feeding the current selling. We see a real junction here traders and a solid battle. Overhead sellers signs are developing but below buyer support and demand remains.
For us, we’re waiting to see who commands momentum. A break through support starts to confirm the trend break and could set up a new extension lower. A support hold and new move higher that breaks above the LH could start to suggest that the uptrend is not dead yet and a new test of 50/52K could be on the radar.
We will be watching to see what direction bitcoin takes and how that reflects on the other coins.