Bitcoin pair
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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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.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
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