Weekly perspective : Here is why the $8000 region is important
A quick update about bitcoin perspective on the 1 week of time frame. There are 2 important support trend lines from this weekly bias. the first trend line is the yellow one which has been broken and the 2nd one is the white support trend line that is very major.
If we use this yellow trend line as our benchmark, we can see that there is a potential of break out strategy in play during this moves. The drop during the earlier of March 2020 could be the initial break out as the phase 1 of break out strategy. Current moves toward the upside could be the action of trying to test the previous broken support trend line that is now become resistance as well. And there is a coincidence, which the golden pocket zone is in align with this previous broken support around $8000 region.
The 2nd important thing is if we look at the MACD indicator as an oscillator indicator, we can see that the histogram is having a tick toward the upside and it's coming closer to the 0 level which it can turns into a positive side in the next few days or the next week's movement. Moving Average on the MACD is looking promising too with a potential of golden cross over to occur in the future.
Any other fundamental thing that I want to highlight is that the halving of bitcoin is coming closer with the estimation of the next 14 days. During the pre halving period, usually a lot of people are exciting to stack the bitcoin because they believe that after halving there will be a push toward the upside due to supply and demand rules.
I do believe a touch toward $8000 is still a valid scenario for short term in the next 1 or 2 weeks, but for long term I'll stay on my bearish bias and the spike toward the $8000 or even $9000 could be only artificial and manipulated.
If we use this yellow trend line as our benchmark, we can see that there is a potential of break out strategy in play during this moves. The drop during the earlier of March 2020 could be the initial break out as the phase 1 of break out strategy. Current moves toward the upside could be the action of trying to test the previous broken support trend line that is now become resistance as well. And there is a coincidence, which the golden pocket zone is in align with this previous broken support around $8000 region.
The 2nd important thing is if we look at the MACD indicator as an oscillator indicator, we can see that the histogram is having a tick toward the upside and it's coming closer to the 0 level which it can turns into a positive side in the next few days or the next week's movement. Moving Average on the MACD is looking promising too with a potential of golden cross over to occur in the future.
Any other fundamental thing that I want to highlight is that the halving of bitcoin is coming closer with the estimation of the next 14 days. During the pre halving period, usually a lot of people are exciting to stack the bitcoin because they believe that after halving there will be a push toward the upside due to supply and demand rules.
I do believe a touch toward $8000 is still a valid scenario for short term in the next 1 or 2 weeks, but for long term I'll stay on my bearish bias and the spike toward the $8000 or even $9000 could be only artificial and manipulated.
