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Bitcoin Breakout Failure

By Craig ThompsonCryptocurrencyDec 29, 2021 04:25PM ET
www.investing.com/analysis/bitcoin-breakout-failure-200613026
Bitcoin Breakout Failure
By Craig Thompson   |  Dec 29, 2021 04:25PM ET
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Bitcoin is in a confirmed downtrend on the daily chart and is down over 30% from the highs of November. The cryptocurrency did advance marginally above its downtrend line, but that advance was on very weak volume. Once price hit its first major area of resistance, it rolled over on higher than average volume.

The bottom line is that the entire crypto space looks weak. Major areas of support to monitor for a bounce or consolidation in Bitcoin would be at the $40,000 area and if that fails, $30,000.

Bitcoin Chart
Bitcoin Chart

In our Crypto Market Update Video we analyze the following:

  • What are the opportunities that we are watching for?
  • Where are areas of support that we would expect Bitcoin to bounce?
  • Crypto market breadth
  • Ethereum marginally breaks long-term trendline. Correction could get ugly.

Click here to view our Crypto Market Update Video: Failed Breakout | Asset Solutions

Bitcoin Breakout Failure
 

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Bitcoin Breakout Failure

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Comments (7)
Trade Analisis
Trade Analisis Dec 30, 2021 12:11AM ET
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Gold news?
Sudanes Solidarty Charity
Sudanes Solidarty Charity Dec 29, 2021 10:51PM ET
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merry christmas and happy new year
Ac Tektrader
Ac Tektrader Dec 29, 2021 9:10PM ET
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bitcoin is flashing a sell down to support at 39000 and change.
Craig Thompson
Craig Thompson Dec 29, 2021 9:10PM ET
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Agree, and if that does not hold then next level of major support is at $30,000.
Ari M Eden
Ari M Eden Dec 29, 2021 9:02PM ET
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That’s pretty pathetic for the asset class to continue to have this kind of volatility if it’s truly maturing.  Shows still nascent in many respects.  I still think long-term it’s a winner, if no government interference.  Suppose that is still a major if, but the institutions are adopting, so it will put pressure on them via lobbyists, etc.
James Pattison
James Pattison Dec 29, 2021 6:53PM ET
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I feel safer holding btc than not having any
Chris Kellerman
Chris Kellerman Dec 29, 2021 5:28PM ET
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Its a SELL
Luwaga Ibrahimovic
Luwaga Ibrahimovic Dec 29, 2021 4:50PM ET
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so can I sell it sir ?
 
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