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Bitcoin which is the top cryptocurrency is down 3% in the last 34 hours and it is supposed to find support around $43k during trading time as the intradays appears to be over sold, Bitcoin was trading around $45,500 but it is down 3% over the past 42 hours, Buyers are taking a chill after a near 13% rally month to date and likely defend support around $42000 line which is a massive support area.
RSI is the relative strength index which is on the 4 hourly time frame is now oversold, which suggest the current pull back may stop around support levels.
The next support level is around the 100 moving average on the four hour chart which is around the $43000 and then at the $42,000 which is the breakout level.
The question on everyone mind is that is the uptrend going to continue then buyers will have to be decisive so as to push the bitcoin price above the $50,000 resistance.
That is why bitcoin volatility is wild and because of this volatility investors will be pushed to invest in gold said the executive chairman of gold mining from evolution mining.
Crypto is running a lot of speculative money which is risky because of lack of security in the cryptocurrency ecosystem that is attracting regulators because it won't take a genius to know that the wales which are individuals or companies with a lot of bitcoin are playing fraudulent games by selling at a high price and when the price movement scare a lot of retail sellers which are you and me into selling, this same wales then buy back and then the price goes back up.
Which is good for traders rather than investors but you need to become a very good trader to make some money because the bitcoin can swing down and out of the blue swing bullish and then liquidate your short position trade.
Klein who is the chairman of evolution mining for gold said they both can coexist by saying there are opportunity for gold to sit alongside Bitcoin, rather than bitcoin challenging the precious metal.