What 1-hour chart says?
Fundamental Development: Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital, has told his followers that his LUNA-inspired tattoo will serve as a reminder to remain humble in the world of venture capital investing. Following the fallout of the recent LUNA / UST meltdown, Novogratz penned an open letter on Wednesday, telling his followers that: “My tattoo will be a constant reminder that venture investing requires humility.”
Short Term Technical View: On daily time frame BTC is trading below 200 simple moving averages and trading between $28700-$29,300 ranges. Yesterday it made high near $30,678 and then it fell down sharply and found support near $28,600 support zone. Bitcoin is struggling to gain momentum above $28,300.The price is now trading near the $28,200 level and the 200 hourly simple moving averages.
Alternative Scenario: if Bitcoin fails to gain pace above the $29,290 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,600 level and the next major support is near the $27,900 level.
Short Term Technical View: On daily time frame BTC is trading below 200 simple moving averages and trading between $28700-$29,300 ranges. Yesterday it made high near $30,678 and then it fell down sharply and found support near $28,600 support zone. Bitcoin is struggling to gain momentum above $28,300.The price is now trading near the $28,200 level and the 200 hourly simple moving averages.
Alternative Scenario: if Bitcoin fails to gain pace above the $29,290 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $28,600 level and the next major support is near the $27,900 level.
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