Bitcoin (BTC) fell and continued to consolidate over the $35,200 as sellers threaten to short. This was the result of BTC’s rejection last June 15. BTC price consolidates in a steady range between $35,100 and $36,300. Buyers have retried the $36,300 high on three occasions to push Bitcoin to the previous highs. The upward shift is being counteracted as the crypto remains its range-bound change in a tight range.
Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000
Since May 19, Bitcoin is range-bound within $31,000 and $40,000 price levels. For the past month, Bitcoin has steadily fluctuated inside the confined range. Range-bound traders can adopt a range-bound strategy to trade Bitcoin prices. BTC’s price is consolidating above the $35,000 support. The bulls and bears are uncertain about the direction of Bitcoin. Considering BTC price finds support above $31,000, a range-bound trader will need a long trade.
Traders should place the stop loss below the $31,000 support. Bitcoin should consider exiting this long trade near the $40,000 resistance zone. Thus, if BTC price is risking rejection at the $40,000 resistance zone, Traders will need a short trade. Nonetheless, stop loss placement should be above the resistance zone. Today, BTC’s price is trading at $35,604.80 at the time of writing.
Russian Czar Deripaska Criticize Bank of Russia for Ignoring Bitcoin
Oligarch Deripaska is one of Russia’s richest men and the founder of Basic Element, one of Russia’s largest industrial groups. Volnoe Delo is Russia’s largest charitable foundation. The billionaire has criticized the Bank of Russia’s stance on cryptocurrency regulation in the country. Oligarch Deripaska argued that Russia needs to move to Bitcoin to provide a “real financial instrument enabling independence in foreign trade settlements.”
He denounced the actions of the Russian central bank for persuading the crypto industry not to get involved in cryptocurrencies like Bitcoin. Deripaska pointed out and said:
“Even poor El Salvador, noted for being close to oft-mentioned Honduras, has understood the need for digital currencies and taken a simple path, recognizing Bitcoin as a means of payment.”
Meantime, BTC is fluctuating above the $35,000 as sellers threaten to Short. Buyers have been defending critical support for the past month. BTC price will decline to $31,000 if the bears break the current support level. This has been shown in the Fibonacci tool analysis. On April 25 downtrend; a recalled candle body tried the 50% Fibonacci retracement level. The retracement designates that Bitcoin will dip to level 2.0 Fibonacci extension. That is the low of level $28,354.70.
Please do consider that all trading carries risk. Previous performance is not a guarantee of future results.
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