What 1-hour chart says?

May 23, 2022

Fundamental Development: Satoshi Nakamoto left a large pair of shoes to fill after releasing the code for Bitcoin (BTC) to the world, helping to establish the network, then vanishing without so much as a trace. Over the years, the crypto ecosystem has seen many developers and protocol creators’ rise in stature to become crypto messiahs for faithful holders who eventually have their best-laid plans end in catastrophe when the protocol is hacked, rugged or abandoned by whimsical developers.2022 is hardly halfway complete and the year has already seen a particularly bad stretch of good intentions gone awry, which have collectively helped plunge the market into bear-market territory. Here’s a closer look at each of these instances to help provide insight into how similar outcomes can be avoided in the future.



Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $30,400-$30,500 ranges.BTC is made low 28,700 and now consolidating within a range. Yesterday it made High near $30,280 and then it continue to climbed up to near 200 simple moving average. Bitcoin is struggling to gain momentum above $30,500.The price is now trading near the $30,400 level and the 200 hourly simple moving averages.

Alternative Scenario: if Bitcoin fails to gain pace above the $30,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $29,800 level and the next major support is near the $29,000 level.