After 2020 Bitcoin and other crypto currencies shows a good boom, People thought in this time of pendamic everyone would realise the potential of Cryptos. and also many crypto trading platform started a big campaign to promote cryptos. This also create hype in the market for Cryptos investment. And there is one more reason of FED money printing, people started to park there extra money here in Cryptos thinking of good future. These all reasons lead a sudden rise in cryptos currencies market.
Journey Of Bitcoin -
As we already discussed in our previous post of What is Crypto Currency_Types of CryptoCurrencies ? what is bitcoin and how it started, so If anyone is interest to read the origin of cryptos can read the above article.
Here we will only focus on important levels of bitcoins with the help of technical chart.
Below is the technical chart of Bitcoin, where we will try to find out at which level one can add Bitcoin to their portfolio.
Here is the monthly chart of Bitcoin, here you can see actual rally in Bitcoin started at the end of 2020 after crossing 19900 or 20000 levels. This gives confidance to the investor for fresh growth in the currency.
This Rally paused near the level of 65000 and first time in monthly chart Bitcoin take a pause there after that few profit booking came that stopes near 30000 levels. Till this point Bitcoins corrected 50% from the top.
Then after July 2021 again rally started in Bitcin this time it makes a fresh high of 68990 (~69000) Levels. and then news of FED hike started that cause a huge profit booking in cryptos world.
This times fall is worse than the previous fall, this time Bitcoin falls from 68990 to 17630 level (till now) that is nearly 75% Down from Top. That is a huge fall in terms of percentage.
After this now nobody daring to invest into any Crypto Coins, Thats why we here to try to find out best possible level for investment in Bitcoins.
As per chart Bitcoin is again on the same level of 20000 after two years, This is the same level from where a Big jump in Bitcoins recorded. Here now from this level we can expect a bouce. One can Add Bitcoins near 20000 levels with a SL of 17600. After this level next support for Bitcoin is at 13850 level.
