So Bitcoin rallied aggressively to approach the June High in the aftermath of the Apple adoption rumors and other bullish news. In doing so it hit the 1D MA100 (green trend-line). If the sequence since the May 19 low is indeed an Accumulation Phase then based on the previous two phases of this Bull Cycle, a 1D MA50/ MA100 Bullish Cross is needed to confirm that. If we ignore the highly irregular event of March 2020 (global asset meltdown due to the COVID pandemic), then after every Accumulation Phase parabolic rally starts.
In fact based on the RSI of these past few days, every time the indicator rose that aggressively in such short time-frame, the price failed to advanceany further (at least immediately) and was instead sold back. What has really caught my attention is how similar the current rise is with the rise in the aftermath of Chinese President Xi's bullish comments on the blockchain technology in October 2019, as illustrated in the chart below:
Are you cautious with Bitcoin's current rise or not? Feel free to share your work and let me know in the comments section!
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"Apple accepting bitcoin rumor"? - what a fantastic way to manipulate the market and wipe out all the short margins, then sell back the top. Rinse and repeat. If that's not manipulated then China is the Land of the Free.
MarketAnalysis-
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@apsnt wasn’t it Amazon? Though I do recall people were saying the same about apple too. Completely agree
BizzarTrading
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It’s how Bitcoin asset works. Do you really believe that a bitcoin value is 60k 50k 40k 30k ? It’s all market manipulation from 2013! The real price of BTC have to be calculate in base of organic growth before 2013 manipulation. Now with Tether and all of this crypto influencers scammers the market manipulation is even bigger. There is a systematic fake news FOMO propaganda organized
simplejoe1
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@BizzarTrading, so what is the real price approximately?
@Natalie-93, how do you get 6k? after all it's not backed by anything whatsover
DrStein
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@BizzarTrading, you are right. Fake tether money, fake adoption news, fake OTC trades, fake scarcity, fake price. The crypto vision is lost long ago...
Kushman187
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@apsnt, you mean like GBTC fud that was spread which caused this artificial drop to begin with?(which I told everyone was an artificial drop that was perpetuated by those who clearly know nothing about how GBTC unlocks even work) Or Elon showing he doesn't even understand BTC & making it crash artificially?
apsnt
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@Kushman187, yeah, sure. Did you hear about what happened in Binance BTC futures chart? Wick up to 48k 2 days ago which wiped out all shorts? Nothing else went above 41k that day.
DrStein
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@apsnt, well said. This is exactly what there are doing. All these fake adoption news are just bait for the fools and the noobs. If BTC is an asset that gains true value in time then why should anyone spent it for cars or consumer goods?