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IPFS News Link • Bitcoin

Bitcoin Technical Support and Resistance Levels, It's Middle of Nowhere Now

•, By Mish

The SEC approved Bitcoin and other than a temporary spike that was immediately given back, approximately nothing happened.

Those predicting to the moon were wrong as were those predicting a big sell the news crash.

Bitcoin is in the middle of a consolidation zone with support at 42,000 and resistance at 45,000 then 47,000 then 49,000 which is the top of the breakout spike that failed.

Bitcoin Weekly Chart

On a weekly chart, support is roughly 40,000. If that breaks then I expect a retest of the 36,000 to 37,000 level. And if that fails there is support at 30,000 then 25,000.

If there is a breakout above 49,000 then I suspect Bitcoin is headed to 65,000 if not 69,000.

A lot of people were quite sure one way or another heading into the SEC decision and I suppose it's fitting nearly everyone was wrong.

What is Bitcoin and What is Money?

For a more fundamental view of things, please see my post A Maxi Debate: What is Bitcoin and What is Money?

I suggest Bitcoin is not money and never will be. Read my logic and see if you agree.

Meanwhile, I do not know where Bitcoin is headed, nor does anyone else. But if support or resistance levels break, the next targets are the lines in the above charts.