Bitcoin (BTC) price analysis - to the moon or bulltrap?


Introduction

Bitcoin was up nearly $ 1,000 in two days, showing that the recent fall has not only served as a beartrap, but also an indication that the return to the uptrend is returning. If you read my last review last week you noticed that I have set a period of time for this uptrend to return to the end of the corrective process (you can read last week's article by clicking here).

Veja em tempo real o valor do BTC abaixo:

Graphical analysis

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It is possible to draw a parallel channel or a triangle on the current chart and many people are waiting for another test in the middle or bottom of the channel. If the price were to keep falling on a downward momentum, it should have continued. This is not wave 4 correction for time and how much it went up. This may already be an initial boost from the rise of wave 5. It should find strong resistance now at $11,000 and possibly retract, but it should not fall below the last falling pivot.

351665157-f6d94c673b60cbacb3cc5c5e1c5ac5d16327809585a69ce4968f7dcb8ba96de1.png

Bitcoin's fear and greed index is quoted at roughly the same mark as it was last year's bear market and it is just at these times when the price surprises everyone by doing the opposite of what was expected.

Conclusion

To summarize, based on my projections, this bitcoin price pump indicates that it is impossible for the price to fall back to the $ 8,000 mark previously drawn, this week it is possible to see a slight drop so that there is momentum pushing the bitcoin near the top observed in June.

Thank you for reading :D

 

 

 


If you want to automate your trades and take advantage of this possible enhancement of BTC there is a free robot that does it for you, I wrote about it in this article.


 

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zulonga
zulonga

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cryptocurrencies, introduction and analysis
cryptocurrencies, introduction and analysis

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