Faster Than the Speed Of Lightning!
I have posted my analysis for the upcoming Bitcoin upwards momentum and next time I looked at the chart Bitcoin was already there! It literally felt as if it moved faster than the speed of light!
What was the reason Bitcoin moved in such volatile way?
I did some digging on the net to find out what was behind this pump and…
According to CoinDesk and many other sources Bitcoin pumped on a false ETF approval rumors circulating around.
There have also been news that Ferrari one the worlds biggest supercars manufacturer is set to accept crypto as payments for their cars! but this was 3 days ago. So I stick with the ETF rumors.
Lets have a look at the chart to see what can we expect next, shall we?
The internet states that Bitcoin pumped and dumped on the false news, but I’d say the dump was rather caused by the strong resistance at $30,000 from the preset sell orders in the order book. Not that it was false or anything, is it confirmed that it was false or is it just speculation? I can see that Bitcoin continues to climb after the dump which is a sign of strong buy pressure! Also, it Looks like Bitcoin has created a new support at $28,000 level (the orange line)
On the 4h and 1h charts Bitcoin appears to be forming another symmetrical triangle which usually serves as continuation pattern!
Looking at the chart we can certainly expect another attempt at breaking $30,000 very soon!
All The Best,
Aventurine!
