TA: Bitcoin Drops 20%, Why The Bulls Must Protect $20K
Bitcoin extended its decline below the $25,000 support against the US Dollar. BTC is down 20% and approaching the key $20,000 support zone. Bitcoin extended its decline below the $23,500 and $22,500 support levels. The price is now trading below the $25,000 level and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance near $22,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the key $20,000 support zone to avoid more downsides. Bitcoin Price Nosedives Bitcoin price failed to start a recovery....
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In my Friday's analysis post, Drops, But Still Near Highs!, I had mentioned that bulls were challenging a key resistance level of $1.865 and may eventually take the price higher to north of $2.000. But, they were overwhelmed by the strong selling pressure over the weekend and Litecoin's moments of glory came to an abrupt end! As bears hammered bulls, Litecoin lost 9.82% over the weekend to trade at $1.670. The 240-minute LTC/USD price chart reveals that the cryptocurrency is now considerably near the crucial support zone, below which we may witness a flash crash. Litecoin Chart Structure -....
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Discussing how bitcoin can protect portfolios from inflation and the proposed U.S. infrastructure bill.