Crypto Update: A Breakout Soon Expected
Bitcoin Price BTC/USD.
From yesterday’s open when the price of Bitcoin was $3688 at the open the price hasn’t changed much as its only 0.26% lower and is sitting at $3679.
Looking at the hourly chart, we can see that the price has fallen today for interaction with the minor descending channel support line but it was only a quick spike as the price immediately came up above the 0.382 Fibonacci level.
As the price is still inside the descending range we are still seeing a struggle between buyers and the sellers so a breakout is soon to be expected but the direction of a breakout is still unclear.
Considering the context – the price has increased previously with strong momentum and is currently hovering below the descending channel’s resistance which mean that the buyers are still putting pressure, a breakout to the upside looks more likely.
The price of 0x has come down to my long projected target which you can see on the 4-hour chart below.
Now that this has come to an end and we have seen further depreciation the Y wave from the Cycle count looks like it ended which is why recovery for the price of ZRX is soon to be expected.
Currently, the price is sitting at $0.236 level which is a higher low compared to the previous one at around $0.22 soo the expected recovery might already start, but we are going to be awaiting the confirmation in a form of another higher high compared to the previous one at $0.26.
Nikola Lazi’s original article for blockonomi.com reduced by 55%
Related cryptocurrency news – Traders Who Shorted Bitcoin From All-Time High $20,000 Are Cashing Out: Is The Bottom Near
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