On the 4-hour TF, it is also clearly visible that the price has fallen to the lower border of the side channel - $ 18,500 and the fifth test of this level has occurred. More precisely, the first three are no longer visible on the chart since they happened long ago. Bitcoin has been trading within the designated channel for three months. Nevertheless, we recall that Bitcoin left the ascending channel not so long ago, which, although it was quite formal, still kept the cryptocurrency in an ascending channel. Now it is possible to form a descending channel, which we have done. Now we have an additional benchmark in the form of the upper boundary of this channel, above which the current downward trend (half flat) may cease to be relevant. But we are waiting to overcome the $17,582 - $18,500 area.
Meanwhile, the restless Michael Saylor, who until recently served as CEO of Microstrategy, continues to try to disperse the market in the right direction. His rhetoric and statements do not raise questions because if you invested several billion dollars in an asset, you would probably also believe in its growth and encourage everyone to buy it. After all, the price of bitcoin depends on the aggregate demand of the market. And if the market refuses to buy bitcoin, then its price does not grow, which causes many problems for investors who already own it. It was in this situation that Saylor and his company found themselves. At the moment, bitcoin is at a price level at which all Microstrategy investments in it are unprofitable. It is unknown when bitcoin will go into growth. At least Saylor and other crypto enthusiasts continue to do everything possible to stop the fall. This time he said that bitcoin is much better than real estate in Africa or other countries because it's not a fact that someone will want to rent it from you. But if you own bitcoin, anyone in the world can take a loan from you. Saylor also noted that owning real estate entails paying taxes and incurring maintenance expenses, which cannot be the case with bitcoin in principle. He also stated that bitcoin is a type of property that can be acquired in small parts and inherited, so "in 250 years, your grandchildren and great-grandchildren can own the coins that you will acquire now."
In the 4-hour timeframe, the quotes of "bitcoin" completed an upward correction. We believe the decline will continue in the medium term, but we must wait for the price to consolidate below the $17,582-$18,500 area. If this happens, the first target for the fall will be the level of $ 12,426. The rebound from the level of $18,500 (or $17,582) can be used for small purchases, but be careful – we still have a strong downward trend.
