Bitcoin is trading a critical level following Sunday’s monthly close at $33,100 as it takes aim at the $35,000 level of resistance.
The world’s largest cryptocurrency remained relatively stagnant over the weekend as it tested $32,200 to the downside before bouncing back above $33,000.
The monthly close demonstrates a period of indecision among traders with a large wick to the upside that draws similarities with the monthly candle in December 2017.
This is indicative of a reversal candle, although the fact that the monthly closed above the bollinger bands presents a bullish case moving in to February.
Price action this month will be dictated by a number of key news events, with Ethereum’s listing on CME being considered a bearish event while there will also be a resolution to Tether’s lawsuit with the NYAG.
A positive result for Tether would put to bed many of the fears that caused indecision throughout January, although a negative outcome would almost certainly drive price below the $30,000 level of support.
The psychological level at $30,000 has become more and more important over the past few weeks, with a number of wicks below it despite no candle closures.
If Bitcoin begins to close anything above a four-hour candle below $30,000, downside price targets would begin to emerge at both $27,000 and $24,000.
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About Bitcoin
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More BTC news and information
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.