Take A Look At Crypto's Well-Defended Lines
Tim Knight | Jul 21, 2021 10:22AM ET
I often refer to the crypto space as very “chart friendly.” And, once again, this has been demonstrated by the coins themselves. I find it absolutely remarkable how well-defended these support lines are. Although, it should be no surprise, since the “whales" behind crypto know all too well that if major support breaks (which is basically $29,000 on Bitcoin), then it’s bombs away. Just look at these:
Algorand:
Ethereum:
Bitcoin:
The springs on farmhouse doors don’t last forever, and neither will these lines. For the immediate moment, it looks like the crypto crowd might get a desperately-needed bounce.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.