Bitcoin price rejected at $3,900; will the 50 SMA hold?

  • “That emission schedule of coins coming on every ten minutes makes bitcoin the central bank of the world…” Max Keiser.
  • The current trend is downward but Bitcoin has several support levels.

Bitcoin price corrected higher after it broke out of the short-term bullish flag pattern we discussed yesterday. The moved saw Bitcoin take refuge at the $3,780 support before spring upwards past the short-term resistance at $3,800, $3,840 as well as $3,860. While using an ascending trendline as a bouncing wall the asset stepped above $3,900 and formed high of $3,915 before the current correction took place.

Many countries around the world are hoping to find a working way of de-globalization of the financial world. At the moment, this arena is mainly controlled by the US Dollar in connection with the Belgium-based Swift organization. Swift is susceptible to politicization, moreover, it can be weaponized. However, all hope is not lost as Bitcoin is a position to become the next best beneficiary of the future world de-globalization. The market has experienced the worst crashes in history. The consolidation and the development and building that take place during those periods has become key to new and robust business models.

“That emission schedule of coins coming on every ten minutes makes bitcoin the central bank of the world with the most rock-solid monetary policy there is,” said Keiser.

Meanwhile, Bitcoin was rejected and purged from trading above $3,900. The price also broke the trendline support highlighted at $3,876. The further lower movement found support at $3,860 assisted by the 50 Simple Moving Average on the 1-hour timeframe chart. BTC/USD is exchanging hands at $3,876.02 following a 0.47% rise on the day. The current trend is downward but Bitcoin has several support levels as mentioned in the first paragraph. However, it is essential to mention that in the event there is an extended downstream move, $3,760 and $3,660 will come in handy as considerable anchors.

BTC/USD 15’ chart


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