After the crash of Bitcoin and the whole stock market, BTC has recovered significantly and it's now climbing up in an ascending channel. Right now it's testing the resistance at $6700 formed by the recent pump on the 20th of March. One thing that it's important to consider these days, it's the undeniable bound with S&P 500, which today seems ready to have a relief rally after having tested the major support at $2200, possibly because of the news from FED to inject 1 trillion dollars into the market to help it stabilize. It's very possible that Bitcoin will follow the same road.
Pro Bullish signs:
- support found on MA 200 weekly, which has NEVERbeen broken in the history of Bitcoin
- bullish crossover on MACD daily
BTC could be headed to MA 200 on 4h at $7600, or even higher to around $8000 at MA 200 and 50 on daily, which by the way are about to cross, signaling a death cross.
Whales could use this move to lead people to think that Bitcoin is going to the moon again, bringing FOMO into the market, which can be leveraged to create a massive dump and consequent panic, by liquidating retail money.
My overall mid-long term view is definitely bearish, because of fundamentals. The markets are entering a recession, which has just started.
In my previous chart I pointed out some fractals, which are marked on the chart with circles:
- a huge rally
- a bounce back with consequent decline
- a test of the resistance trend line from the two previous highs
Now I add another possible point in the fractal, which is shown in the azure circle: a huge dump that stops on the major baseline of the overall bullish trend, crashing through MA 200 weekly like a bullet through butter. This could bring Bitcoin to $3000 very rapidly, like it happened a could of weeks ago.
Then, a year or so of sideline moves, to finally start a bullish run again when Bitcoin breaks the upper line of the trend, as shown in the chart.
Pro Bullish signs:
- support found on MA 200 weekly, which has NEVERbeen broken in the history of Bitcoin
- bullish crossover on MACD daily
BTC could be headed to MA 200 on 4h at $7600, or even higher to around $8000 at MA 200 and 50 on daily, which by the way are about to cross, signaling a death cross.
Whales could use this move to lead people to think that Bitcoin is going to the moon again, bringing FOMO into the market, which can be leveraged to create a massive dump and consequent panic, by liquidating retail money.
My overall mid-long term view is definitely bearish, because of fundamentals. The markets are entering a recession, which has just started.
In my previous chart I pointed out some fractals, which are marked on the chart with circles:
- a huge rally
- a bounce back with consequent decline
- a test of the resistance trend line from the two previous highs
Now I add another possible point in the fractal, which is shown in the azure circle: a huge dump that stops on the major baseline of the overall bullish trend, crashing through MA 200 weekly like a bullet through butter. This could bring Bitcoin to $3000 very rapidly, like it happened a could of weeks ago.
Then, a year or so of sideline moves, to finally start a bullish run again when Bitcoin breaks the upper line of the trend, as shown in the chart.
