According to Transfero’s weekly analysis, bitcoin continues to move in a lateralized manner, with little volatility. According to the experts team, the US$37.5 thousand support is a good buying opportunity, due to the large trading volume in this range, without much of a breakout.
“This reinforces that the bullish movement has outperformed the bearish one”, the analysts pointed out.
Thus, according to Transfero, investors can seek strategies aimed at short inflows and outflows, as highlighted in the chart.
But, it is worth noting that if the US$37.5 thousand support is broken with volume, the next great buying opportunity would be at the US$29 thousand level.
Over the medium-term horizon, based on the weekly bitcoin chart, it is possible to see two major support zones, where it is most likely to happen a buying force at the levels of US$36,000 and US$29,500 if the previous one is lost.
According to analysts at Transfero, the US$29,5 thousand level is the lowest within an 18-month rolling performance.
“In other words, it is a region considered a great investment opportunity, especially for holders and lovers of this crypto. In addition, it also corroborates with the 200-period moving average and the last Fibonacci retracement, which in turn was calculated based on the bullish leg that extends from September 2020 to April 2021”, explained the Transfero team.
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It is essential to highlight that the crypto asset remains within a process of lateralization, with an undefined trend for the short term, since the price is within a range limited by different supports and extremely relevant resistances. “The violation of one of these barriers suggests the continuity of the current movement and the definition of a new trend for the asset”, the experts pointed out.
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