Crypto Market Outlook Bitcoin: Time to Buy

By Rizqie Atsir Fadhlullah, Busdev Tokenomy

Disclaimer: Tokenomy does not provide any investment, financial, accounting, valuation, tax, legal or other professional advice. The opinions expressed in the article is the author’s personal view only. All decisions to buy, sell or trade any Digital Asset using the Services are made solely by you, and you are fully responsible for all such decisions.  

Bitcoin rebounded after facing a slump in prices alongside stocks prices on Thursday, meeting resistance at the $30,000 price level which it’s been trading at for the past month. 

The largest cryptocurrency rose as much as 2.5% to $30,372 during New York trading, while Ether rose 1.4%. Bitcoin’s price advance largely tracked that of US and European equities. This price is down about 55% from a record high in November.

Bitcoin’s price has only briefly deviated from the $30,000 level since the collapse of the TerraUSD stablecoin which triggered a broad crypto selloff in early May. The token could “form a cyclical low” in the second half of this year, based on previous market cycles, Bloomberg Intelligence analyst Jamie Douglas Coutts said Wednesday.   

“The technical outlook is neutral at best and Bitcoin really needs to trade back above $40k before any kind of bullish outlook can be confirmed,” Nicholas Cawley, a strategist at DailyFX, wrote in a note Wednesday. 

Bitcoin had staged a mini-rally to start the week, rising to a three-week high of $32,359 on Tuesday and giving some in the markets hope that it might gain upward momentum. Cryptocurrencies have been hit as the Federal Reserve and other central banks hike rates to combat stubbornly high inflation.    

Bitcoin Technical Analysis

Bitcoin is moving in a Bearish Channel. Currently the price is ranging around the bottom trendline which also has a strong support level.  Now the price is projected to move upwards, aiming for the upper trendline around the $37,600 price area. To confirm it, we have to look at the smaller time frame such as M15/M30 and find a reversal pattern before opening any positions.

 

Trading Call: Buy on weakness, make sure you find a reversal bullish pattern before opening any positions.

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