When Will The Crypto Price Action Turn Bullish Again?

I've got some fiat on the sidelines right now and I'm keenly watching the price action of most of the major cryptocurrencies, which unsurprisingly tend to move in tandem with Bitcoin.

What I'm interested in is the key support and resistance levels and figuring out the best point of entry.

The last couple weeks have been a series of lower lows and lower highs.

The 22nd and the 24th saw wicks to levels just below $30,000 with the latter being the higher one. Some analysts have said this is one bit of evidence in favor of $30,000 being a support.

Today's relief rally seems to have produced a higher high for the first time. $40,000 was met with sellers overwhelming the buyers.

As long as the market stays undecided, $30,000-$40,000 looks like a plausible range.

That's the one-day candlestick chart of BTC/USD. The crosses mark the crossings of short-term and longer-term moving averages. If the price consolidates here a good strategy could be wait for the longer term moving averages to catch up with the shorter term ones.

There seems to be quite a bit of fear and doubt on Twitter. I doubt the price can clear $40,000 decisively too soon. But I'm pretty sure I will not sleep well in the coming days and weeks as I will be waking up and checking my phone at night quite frequently.

If everything goes according to plan, I will have sold my entire position at a very good profit before the end of the bull market and I can finally relax after I've sorted out and paid my taxes. I will spend the following year sitting on cash or some boring low-yield traditional investments before it is time to place my bets at this roulette table again. :)

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