Cryptoplosion: The Daunting $40k Resistance Wall Looms
Tim Knight | Jul 26, 2021 12:55AM ET
Those of you who have been enduring the awfulness in crypto have received welcome relief lately, particularly on Sunday night when the entire crypto space went absolutely ape. We have exploded about 33% in less than a week for Bitcoin, and more on some alt-coins. The support at the $30,000 was vital.
You can see how swift the recovery has been when compared to the demise.
I must insert a cautionary word here, however. Just as $30,000 was an iron wall of support, I likewise think the $40,000 level (more or less) is going to be an iron wall of resistance.
Please take note of the broken trendline and see how the peak from recent activity almost touches the underside of that now-broken line. In other words, we are approaching major resistance (on top of there being generally important moves at Big Round Numbers).
Here is as longer-term view, illustrating the longevity of that broken trendline and, thus, its import.
I would note in closing that one of my favorite coins, Algorand (symbol ALGO) has had a sensational bounce, but it, too, has simply made its way up to a Himalayan mountain range of resistance. This may be all she wrote, folks.
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