Market

BITCOIN – How will it continue, Bull or bear trend? for INDEX:BTCUSD by Ether2020

Hello dear friends,

A new update on the 12 hours chart for Bitcoin ( BTCUSD ).

We can see here that Bitcoin has broken the neckline of the HS formation and is on its way to the target of 36000 USD. Currently, the price can rise to the upper trend line of the bearflag. However, I expect resistance at the upper trend line of the bullish rising wedge after which BTC will move deeper again.

We also see that the target of the HS 36000 is an important fib level. If the price falls through there, BTC will irrevocably move towards USD 29-30,000.

The volume has increased a lot in the declines and that is again a bearish sign. Also compare the volume in my previous analysis. So the total BTC volume is very low compared to the beginning of 2021. Since the total Crypto market cap is around 2 trillion, this is clearly due to the ALT coins. If BTC should drop further below the HS 36000 target, we can expect a huge acceleration in ALTS sales. ALTS have more return than BTC but also much more loss when falling. So beware and place tight stops here especially until the downward trend in BTC is over.

In case Bitcoin breaks out upwards in the bullish falling wedge , we may hit the upper trend line of the bearflag. However, this is not a bullish sign yet but a possible continuation of the bearish trend . Only when BTC closes with a day candle above the right shoulder can the negative trend be reversed. However, a higher low would then be required. So a lot has to happen to get back into a safe bullish trend , but it is all very possible. It is important to take small steps as a trader. Bitcoin will not go to 100k in the short term, but it will not go to 10k either. It is all gradual and the idea is to follow the trend.

After reaching the Target I will come up with a new analysis or if we break out above the right shoulder. Between these 2 levels this analysis remains perfectly valid.

Good stops are very important as well as position sizing and risk management.

Please share your thoughts and idea’s below dear friends. What do you think and why do you think it with or without a chart.

I wish you a lot of success and especially a lot of profit!

Disclaimer This is my view, no advice to buy or sell. Also always do your own research!

—>> Dear friends please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚

Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button