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Bitcoin below $30,000: three reasons why it's too early to panic

Bitcoin fell today, breaking through the support at 31,082.82, marked with a red dotted line. Moreover, the daily candle opened below this level, which differs from all previous false breakouts of this border.

Yes, this breakdown is not impulsive, like the previous ones, therefore, it may be true. But it is not evening yet, the daily candle is not closed. It is too early to draw conclusions, even if they suggest themselves. In addition, the previous minimum has not been updated, there is still the possibility of a complex false breakout this time.

There is one more "but": a stronger support level, in this case - the horizontal at 28,392.99. This means that a bearish signal will be its true false breakout and confirmation as resistance. And then the path for $20,000 BTC/USD will be open. In the meantime, this is just a probability and an assumption based on technical analysis. But perhaps it will come true later.

Finally, bitcoin bull Anthony Pompliano of Morgan Creek Digital Assets expressed an interesting opinion. He contrasts risky assets with current concerns related to the Delta strain of coronavirus. He said that if another wave happens, governments, in general, will introduce "more aggressive monetary stimulus programs." And a hypothetical new wave of blockages will be supported by more aggressive monetary stimulus measures. And if this happens, all risky assets will continue to grow.

Note that, along with the fall in bitcoin, stock indices also fell yesterday amid risk aversion. But today they have moved to a recovery, and bitcoin at the time of this writing is also gradually reducing daily losses.

Against this background, in my opinion, the time is not right for making a decision on a buy or sell deal. BTC/USD is at a crossroads, but the situation is likely to clear up in the coming days. In the meantime, we continue to focus on the key support levels of 31,082.82 and 28,392.99, as well as the daily breakout candle. As for the latter, there are three options here: a false breakout today, a complex false breakout within a few days, or a true breakout.


The material has been provided by InstaForex Company -