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What 1-hour chart says? Fundamental Development:- Bitcoin (BTC) Recovers, But For How Long? Bitcoin (BTC) regained its price level not seen since the middle of June. The dominant crypto climbed to $24,195 on Wednesday, marking over 5% growth during the past 24 hours and a 20% increase over the past 7 days in total.Various indicators show optimistic crypto market recovery signs, but the bigger macroeconomic factors remain vague and unclear.Signs of Returning OptimismThe general market sentiment finally left the Extreme Fear zone on Crypto Fear and Greed Index and settled in a Fear zone for the first time in April.The recent Bitcoin price surge brought the ratio between Bitcoin long and short orders to its highest point since early May says crypto analytics firm Santiment. The ratio represents what amount of assets is available for short selling compared to the already borrowed and sold asset amounts. Traditionally, the higher ratio indicates the positive sentiments of investors. Short Term Technical View: On daily period, BTC is trading below 200&50 simple moving averages and trading near $23020 -$23050 ranges. BTC made low 23890 and now consolidating within a range. Yesterday it made high near $24277 and then it continue to decline. Bitcoin is struggling to gain momentum above $24,300. Alternative Scenario If Bitcoin fails to clear the $24,300 resistance zone, it could start another decline. An immediate support on the downside is near the $21,900 level.
COINBASE:BTCUSD
by eva236220
What 1-hour chart says? 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.
BITSTAMP:BTCUSD
by eva236220
What 1-hour chart says? Fundamental Development: Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital, has told his followers that his LUNA-inspired tattoo will serve as a reminder to remain humble in the world of venture capital investing. Following the fallout of the recent LUNA / UST meltdown, Novogratz penned an open letter on Wednesday, telling his followers that: “My tattoo will be a constant reminder that venture investing requires humility.” Short Term Technical View: On daily time frame BTC is trading below 200 simple moving averages and trading between $28700-$29,300 ranges. Yesterday it made high near $30,678 and then it fell down sharply and found support near $28,600 support zone. Bitcoin is struggling to gain momentum above $28,300.The price is now trading near the $28,200 level and the 200 hourly simple moving averages. Alternative Scenario: if Bitcoin fails to gain pace above the $29,290 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,600 level and the next major support is near the $27,900 level.
BITSTAMP:BTCUSD
by eva236220