Bitcoin on the Razor’s Edge: It’s Now or Never for Crypto-Investors!

Investing.com – The market has been falling for the past few days, and today we want to analyze the world’s most popular cryptocurrency to determine whether to expect bigger losses or a rebound. From a chart perspective, the early and late May hammer reversals were extremely important as they narrowly avoided a sustained slide below the dynamic support at $26,500.

The 100-day and 200-day lines ($26,543, $25,300) form here, along with the Fibonacci level at 50% of the last bullish impulse ($25,388) as well as the nape area of ​​the recently formed ETE ($26,700) , a very impressive support zone. Due to its importance, the described pullback zone must in any case be defended, otherwise the exhaustion of the reversal formation in the form of shoulder-head-shoulder, the calculated price target of which lies around of $22,400, would be a significant possibility.

On the upside, however, we would like to highlight the resistance from the corrective trend since mid-April (at around $28,000) as well as the 38-day line (at $27,365). A jump over these hurdles would end the hiatus of the past few weeks. In perspective, a positive referral lays the groundwork for an attempt to break through the psychologically important $30,000 mark. In the end, the is therefore currently in an important “make or break” situation.