After more than a month, Bitcoin is still in the same price range as before. We’ve seen a few breakout attempts to the upside, but none of them have been successful. The most recent price action was less than 24 hours ago. Bitcoin fell all the way from 9900, back to 9100. This price action was accompanied by the dump that arose on the stock market.
Zooming in on the 1-hour time frame, we can see that Bitcoin lost nearly 9% of its value during yesterday’s drop. In addition, Bitcoin is currently testing the precious support level (at 9450-9500.) If Bitcoin can regain these levels, Bitcoin is likely to (re)test 9800. If not, keep an eye on 8800/8850.
In our last analysis, we talked about the Hash Ribbon that signaled “Capitulation”. After 17 days we can see that this phase of Capitulation is not over yet. In our view, it is expected to take another 17 to 20 days before it gives a new buy signal. The previous buying signals result in an average increase of 40%. Past performance is not certain for the future, but it is certainly a factor to be taken into account.
Data from the last three buy signals:
And last but not least; Bitcoin’s volume is still decreasing. This is a strange thing, as the volume should confirm the trends. We have mentioned this before in recent weeks, but we continue to find it important to mention this. Keep an eye on the volume, as this can quickly give you an idea where Bitcoin’s price is going..!
A short overview:
Thanks for reading and let me what expect from the current Crypto Market!
Zooming in on the 1-hour time frame, we can see that Bitcoin lost nearly 9% of its value during yesterday’s drop. In addition, Bitcoin is currently testing the precious support level (at 9450-9500.) If Bitcoin can regain these levels, Bitcoin is likely to (re)test 9800. If not, keep an eye on 8800/8850.
In our last analysis, we talked about the Hash Ribbon that signaled “Capitulation”. After 17 days we can see that this phase of Capitulation is not over yet. In our view, it is expected to take another 17 to 20 days before it gives a new buy signal. The previous buying signals result in an average increase of 40%. Past performance is not certain for the future, but it is certainly a factor to be taken into account.
Data from the last three buy signals:
- From the Buy signal on April 25, 2020 – 38.18%
- From the Buy signal on December 19, 2019 – 44.65%
- From the Buy signal on January 11, 2019 – First a drop of 10% – Then a increase of 282.16%
And last but not least; Bitcoin’s volume is still decreasing. This is a strange thing, as the volume should confirm the trends. We have mentioned this before in recent weeks, but we continue to find it important to mention this. Keep an eye on the volume, as this can quickly give you an idea where Bitcoin’s price is going..!
A short overview:
- We are below the 20 Daily Moving Average (currently at 9511)
- We are above the 20 Weekly Moving Average (currently at 8308)
- We are above the 200 Daily Moving Average (currently at 8170)
- Volume is still going down
- Support levels at: 8800/8850
- Resistance zone at 9500 and 9800
Thanks for reading and let me what expect from the current Crypto Market!
