- Crypto Enthusiast tweeted that BTC was weak after it breached his expected support level.
- BTC’s jagged movements during the start of the week smoothen into consolidation during the latter part.
- Bitcoin is being supported at the 4:1 Gann line, will BTC move up along this?
Crypto and Bitcoin Enthusiast Michael Saylor tweeted that Bitcoin was acting weak since it lost the entry point that he targeted to go long. Moreover, Saylor predicted that BTC could reach $27,875 had it not fallen below the $27,500 support level.
Since BTC is now well below his support level, Saylor now targets BTC to reach somewhere between $25,625 -$25,780, before he goes long.
Looking at the chart above, we can see that BTC has been below its opening market price of $27.34K during the last week. For the first three days of the week, BTC had jagged movements between the $26.95K and $27.34K price range. However, during the course of the third day, Bitcoin took a deep fall. It fell from $27.1K to $26.42K.
Thereafter, since this fall BTC has had very few vertical movements until today. Currently, BTC seems to be making lower highs which is valued at $26,079.50, at press time. The trading volume for BTC increased by 4.84% to $11,710,342,785.
When looking at the chart above, we can see that after being rejected at the resistance level of $27,463, BTC is currently being supported by the 4:1 Gann line. As BTC has been hugging the lower band lately, there is a possibility that it could retrace and start rising. Moreover, the forming green candlestick could be the light at the end of the tunnel.
If BTC rises along the 4:1 Gann line, it may first break the 3:1 Gann line and move towards the $27,465 level. If the bulls are still persistent, then BTC will have the potential to rise to $28,400. The point to note is that any of this above-stated bullish movement may happen after or before BTC lands on Michael’s support as shown in the chart.
Nonetheless, in the event that BTC crashes, then, BTC may fall to Michael’s support level which intercepts the 8:1 Gann line. There may be some diagonal movement there. And, if BTC breaks the 8:1 Gann line, then, it may crash to $25,000 for support.
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