Looking at the chart, the price is currently trading in a range around the $6,600 level. There may be a slight downward reaction towards the $6,500 level, but buyers are likely to take a stand. Below $6,500, the next major support is around the $6,400 level. On the upside, the $7,000 level is a major barrier for more gains.
?We have been thinking about it for a couple of years? We had been watching it (Bitcoin) over the years and we noticed one thing which we really looked at when considering when to offer it to our consumers, which is its resiliency. It has this tenacity to it where it just keeps on coming back.?
?We have an incredible team of 30+ people spread around the world, in the coming months GCAC will continue to grow, expand and improve to become the dominant brand in all things medical cannabis,? CEO Brad Moore said recently.
Like most new industries, first movers get to build brand recognition and trust among consumers. In the case of GCAC, the company is building a constituency of users around its Citizen Green Community, which already has thousands of users. AI technology scrapes data from clinical trials, studies, and anecdotal inputs from cannabis users in GCAC?s model...
RSI came off a bullish divergence as price made lower lows while the oscillator had higher lows. However, RSI appears to be turning lower without hitting overbought levels to hint that sellers are eager to return. Stochastic is also on the move down to indicate a pickup in selling pressure.
In that case, bitcoin could still find itself resuming the selloff back to the mid-channel area of interest or support at $5,400. A break past the $6,500 area, on the other hand, could mark the start of a reversal.
Some speculate that the bounce was merely due to a release of 250 million Tether, a stablecoin that was seen to be responsible for influencing bitcoin price back in 2017. Still, it?s worth noting that Japan is stepping up the game in terms of overseeing bitcoin exchanges so there could be reason for investors to stay cautious.