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  • Writer's pictureCrypto Prof: Copytrader.finance

Technical Crypto Indicators 7th May 2024 $60.5k Support for BTC

Updated: May 9


Crypto Technical indicators Bitcoin Eth

   


BTC

Bitcoin ($BTC) has rebounded into its trading range, peaking at $71.5k and finding a low at $60.5k. It remains strong in the higher time frame, securing its position above the 20-week moving average (WMA). The advantage currently lies with the bulls, but watch carefully if the price drops below $60.5k.


ETH:

Ethereum ($ETH) has maintained its position above the WMA 20 but hasn't yet broken out against Bitcoin.


Bitcoin and Etheruem: Key support and resistance levels to monitor on the daily chart are:

- For $BTC: support around $60.5k and resistance above at $71.5k.

- For $ETH: support at $2650 and resistance at $3500.


Important daily chart levels to watch for break up or breakdown:

- Bitcoin Cash ($BCH) with support at $350.

- Injective Protocol ($INJ) with support at $18.

- Maker ($MKR) with support at $2150.

-- Render Token ($RNDR) with support at $6.40.

- Fetch ($FET) with support at $1.85.

- Solana ($SOL) with support at $117.

- Binance Coin ($BNB) with support at $510.

- Chainlink ($LINK) with support at $13.

- Immutable X ($IMX) with support at $1.80.

- Avalanche ($AVAX) with support at $29.

- Thorchain ($RUNE) with support at $4.

- Stacks ($STX) with support at $2.00.

- Near Protocol ($NEAR) with support at $4.20.



2020 Vs 2024 Bitcoin Halving Comparison


Those who experienced the 2020 halving might recall the nearly 100-day consolidation period at the $8k-$9k range, which then established the floor price. In the current cycle, the discussion has centered around a $60k floor.


Should the consolidation phase resolve, it could signal the start of a true bull market. I'd be surprised if this bull market escalated rapidly, barely surpassing the 2021 all-time high (ATH) by less than 10%.

The $60k mark is near the break-even point for Bitcoin's electricity costs, making it a relatively safe accumulation point, regardless of market conditions. With expected rises in electricity and production costs, I believe further ATHs are possible in 2024.

Adaptability is key in trading: be prepared to pivot based on market indicators. The unpredictability of trading, especially in short time frames, is something frequently discussed in crypto communities. Recognize that prices don't move linearly.

Avoid heavy leverage during bull trends to prevent liquidation. It's wise to keep some cash on hand for buying during dips or further accumulation."




Disclaimer: The content provided in this article and website is for educational purposes only and is not intended as financial advice. Cryptocurrency investments are highly volatile and risky. There is a potential for significant loss, up to and including the total loss of your investment. Readers are advised to conduct their own research and consider consulting with an independent financial advisor before engaging in any financial transactions based on this information. Neither the author nor this platform assumes liability for financial losses that could occur as a result of using this information

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