With the CEO of Coinbase ready to take on the Securities and Exchange Commission on what constitutes security – and with the CEO of AMC saying his operation is happy to accept payments in Dogecoin, you have to hand it over to the crypto world .
CEOs of publicly traded companies typically refrain from such an opening (which could affect stock prices), but apparently there’s something about the sparkling and perfect allure of cryptocurrencies that seems to make it stand out. of them.
Fortunately, if we ignore the eye-catching CEO-generated headlines and focus on the real price action of crypto charts, it can help dispel the noise.
Is Bitcoin Going Up Or Down?
At what level could Ether find purchasing support?
This kind of useful thing that CEOs might miss. This is where price chart analysis comes in.
Bitcoin in everyday life looks like this:
Can you guess which way it’s going? Since early September, the world’s most famous cryptocurrency has been on the decline. Going back to May, you can see it’s lower now than it was then.
Bitcoin recovered from the steep dive in June and July, but failed to return to its all-time high. This level of just below 30,000 is critical: will falling buyers step up fearlessly or those trapped at higher prices will give up and sell?
The weekly bitcoin chart looks like this:
Moving on to a longer period, note the importance of this 28,000 / 30,000 support level. A drop below that could indicate a feeling of “abandonment” among investors, especially those who bought more. of $ 60,000 and who have been patient. With the price clearly falling from these levels, a test of patience may be in store.
here is the daily price chart for Ethereum:
The 2nd most famous cryptocurrency in the world has also been on the decline since early September. This, after failing to reach the highs of May. The line in the sand here is around 1700 when the sale finally stopped in June and July. This is where die hard dip buyers sit. The question is: if the price goes down, will enough of them go up on the plate?
Ethereum Weekly Price Table looks like this:
The red dotted line near the top of the graph shows how the September peak could not reach the May peak. The sweet rally of summer lows around 1750 is over. If this level is broken, that’s a problem. Alternatively, if Ethereum could break through the upper red dotted downtrend line, investors could find new confidence in the cryptocurrency.
One thing is clear: the volatility is that this arena is formidable. Anyone involved needs to think carefully about how or if they can handle really big movements, up or down. If you are a buyer and suddenly get depressed, it can be a serious emotional experience.
No investment advice. Do your own research and always consult a registered investment advisor before making a decision.