In a 4-hour TF, the technical picture for bitcoin looks like in a textbook. We said this weekend that the nearest targets for the fall are the levels of $ 34,267 and $ 29,750. At the moment, both levels have been worked out. The price rebounded from the latter. Thus, the further fall of the number 1 cryptocurrency in the world depends on overcoming or not overcoming the level of $ 29,750. At the moment, the rebound looks rather sluggish, but too little time has passed since its formation. That is, bitcoin can still form an upward correction. However, we also note an accelerated decline in bitcoin, which indicates a pronounced "bearish" mood in the market. Therefore, this level can be overcome today. In this case, the fall will continue with a target of $ 24,350. If we take it in general, then bitcoin is 100% going according to the "upward trend completion plan". Recall that each upward trend ended with a drop of 80-90% and 1-2 years of consolidation. Thus, we do not exclude the possibility of a drop in the cryptocurrency to $ 10,000 or so.
The level of $ 29,750 is important for investors.
The level of $ 29,750 is the minimum of bitcoin for the past year. There is an opinion that the price of 30K for 1 coin is very attractive for investors who, when the price drops to this level, immediately buy all coins from the market. From our point of view, this may not happen this time. First, there is nothing special about the $ 30,000 level. The cost of mining is still not precisely determined, as it varies depending on geography. Somewhere energy is more expensive, somewhere cheaper, somewhere mining is generally prohibited and you have to mine it illegally. Therefore, it is impossible to say that bitcoin cannot fall below $ 30,000 because this is the cost of its production. It should also be understood that the market does not consist only of "whales". There are also ordinary, small, retail traders who act as "hamsters" and only join the trend. If the trend is upward, they buy and provoke an even greater growth of "digital gold". But if the trend is downward, then they are not ready to wait a few years for bitcoin to rise significantly in price again, and they sell coins. Thus, bitcoin may well proceed much further down.
In the 4-hour timeframe, the quotes of the "bitcoin" fell to the level of $ 29,750. This level is now the key. If it is overcome, the fall will continue with a target of $ 24,350. This goal is quite formal, since bitcoin spent very little time in the range of $ 10,000 - $ 30,000, so there are practically no levels inside it.
