Recently we saw a sharp boom in BTCUSD and moved from 20k mark to 70k. If we remember last time bitcoin hit 70k from nowhere and made multiple millionaires but also gave so much pain for the people invested at the top price, however people having entry at high at that time is now time to exit but they cannot book any significant profits. Though the speculation in the crypto market is so high because the validity of use and its value still create ambiguity among the investors.
There are country where some crypto are tender as a legal and some has banned it and refrain from using it.
Looking the chart pattern BTCUSD does not look lucrative at this price based on the technical, its all time high and also trying to make double top and if price on weekly basis sustain below 60k then there is probability that it will again touch the feet near 29k and people invested at todays price can have a significant loss.
Why should BTCUSD go high? See answer is very simple suppose you buy an apple stock and are invested, over the years apple sales and books profits and then share and even if tomorrow apple shut down shareholders get some amount invested or may be less or more but there is physically evident things available for apple but there does not look the case with crypto except some blockchain technology etc. going high and high just not justify but shows only lack of supply and manipulation by the big players who are sitting to get your money in their pocket so be alert before investing and if trade then follow the proper disciplines of trading.
Let’s look at the chart.
As you see the chart of BTCUSD, one can easily observe that price are at high price and is not lucrative for investment. If it start to trade below 60k then probability are high that it will come down near its previous resistant which is way way far from the current price so you must be alert and refrain from the market speculation of FOMO (fear of missing out). We may see sharp fall in BITCOIN (BTCUSD) if price does not sustain.
How to Draw Support and Resistant for intraday!!
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