Bitcoin has experienced a deeper pullback, eventually finding support at the 38.2% retracement of the same measured move, from the July 20 low up to the November high. The bounce has seemingly been more meager, as well, with a major spot of resistance sitting overhead around the 60k psychological level. There’s also a bearish trendline in play, helping to hold today’s high.
Bitcoin’s weekly Ichimoku chart shows a gap fill between the bodies of the weekly candlesticks and the Conversion Line. A small move below the Conversion Line has been bought up, but it appears bulls are barely able to keep Bitcoin above that level. The support zone for Bitcoin is the Base Line at $49,000, followed by Span A at $44,100 and Span B at $36,900. The weekly Relative Strength Index has yet to hit the first oversold condition in a bull market (50), but it is close (55). Additionally, the Composite Index shows a recent cross under its fast-moving average and an imminent cross below its slow-moving average. This exceptionally bearish event could trigger a fast crash south towards either Span A or Span B.
It should be noted that the %B has recently crossed below the 0.80 level and is entering into neutral territory, so some support here may be likely. Traders will want to monitor the level of the %B, especially if it crosses below 0.2. If it crosses below 0.2 and the Relative Strength Index remains above 40, a sustained move lower may occur.
Bitcoin rallied a bit on Monday to wipe out the losses that we just had. Ultimately, it looks like the $55,000 level has offered enough support and interest to have traders come back into this position, because Bitcoin has much further to go and almost everybody out there knows this. The $60,000 level could offer a little bit of resistance, as it is a large, round, psychologically significant figure, as well as an area where we had recently seen a lot of support. “Market Memory” comes into the picture and it should have people looking at this as potential resistance.
The 50-day EMA slices right through the last couple of candlesticks, which shows it as a potential area of interest as well. The fact that we turned around so drastically suggests that we have plenty of buyers on the dips, which has been the case for quite some time. If we do break above the $60,000 level, then the market will go looking towards the $69,000 level. Obviously, the $70,000 level is where most people are paying attention to, so I do not know that the highs themselves will be a big deal.
You also notice that the 200-day EMA is sitting above the $46,000 level and racing towards the $50,000 level. I think there is a bit of confluence there waiting to happen, and 50,000 could now be the new floor in the market going forward. Ultimately, this is a market that I think has attracted enough attention that we will continue to see plenty of buyers, especially as it is at roughly the 50% Fibonacci retracement level from the most recent shot higher. Given enough time, I think we will see fresh all-time highs and continue to drive towards the $80,000 level. In fact, at one point, I had a target of $85,000 to the upside, but that was somewhat knocked out as the bullish flag had been invalidated. At this point, it is only a matter of time before we get there, so maybe $85,000 is not high enough? I have no interest in shorting Bitcoin, especially after the move that we just had over the last couple of sessions. This shows real resiliency, something that you must pay close attention to.
At the time of writing, the BTC price stands at $56.900
Based on our forecasts a long-term price increase is expected to be around +62.00%.
- Our option for #BTC is BUY AND HOLD IT.
--> BTC Price Statistics
Bitcoin Price: $56.900
Price Change 24h: $-252.83/-0.44%
24h Low/24h High: $56,375.16/$58,872.88
Trading Volume 24h: $33,203,220,030.24/+8.56%
Volume/Market Cap: 0.031
Market Dominance: 41.53%
Market Rank: 1
Market Cap: $1,071,201,660,669.31/-1.21%
Fully Diluted Market Cap: $1,191,035,862,329.84/-1.21%
Yesterday's Change: +0.9%
Yesterday's Volume: $32,370,840,356.00
Circulating Supply: 18,887,118 BTC
Total Supply: 18,887,118 BTC
90d Low/90d High: $39,787.61/$68,742.31
Bitcoin ROI: 41742.84
It’s important to keep in mind that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours or a few days and even harder to give long-term estimates. As such, analysts and online forecasting sites can get their predictions wrong. We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis , and expert opinion before making any investment decisions. Be patient and look long term wisely and never invest more than you can afford to lose.
Trading & Investing both are the master of RISK.
Please comment, like and follow if it was helpful for you.
Thank you for your time.
Have a profitable day.
| Review and analysis by Samadi.Finance |
Bitcoin’s weekly Ichimoku chart shows a gap fill between the bodies of the weekly candlesticks and the Conversion Line. A small move below the Conversion Line has been bought up, but it appears bulls are barely able to keep Bitcoin above that level. The support zone for Bitcoin is the Base Line at $49,000, followed by Span A at $44,100 and Span B at $36,900. The weekly Relative Strength Index has yet to hit the first oversold condition in a bull market (50), but it is close (55). Additionally, the Composite Index shows a recent cross under its fast-moving average and an imminent cross below its slow-moving average. This exceptionally bearish event could trigger a fast crash south towards either Span A or Span B.
It should be noted that the %B has recently crossed below the 0.80 level and is entering into neutral territory, so some support here may be likely. Traders will want to monitor the level of the %B, especially if it crosses below 0.2. If it crosses below 0.2 and the Relative Strength Index remains above 40, a sustained move lower may occur.
Bitcoin rallied a bit on Monday to wipe out the losses that we just had. Ultimately, it looks like the $55,000 level has offered enough support and interest to have traders come back into this position, because Bitcoin has much further to go and almost everybody out there knows this. The $60,000 level could offer a little bit of resistance, as it is a large, round, psychologically significant figure, as well as an area where we had recently seen a lot of support. “Market Memory” comes into the picture and it should have people looking at this as potential resistance.
The 50-day EMA slices right through the last couple of candlesticks, which shows it as a potential area of interest as well. The fact that we turned around so drastically suggests that we have plenty of buyers on the dips, which has been the case for quite some time. If we do break above the $60,000 level, then the market will go looking towards the $69,000 level. Obviously, the $70,000 level is where most people are paying attention to, so I do not know that the highs themselves will be a big deal.
You also notice that the 200-day EMA is sitting above the $46,000 level and racing towards the $50,000 level. I think there is a bit of confluence there waiting to happen, and 50,000 could now be the new floor in the market going forward. Ultimately, this is a market that I think has attracted enough attention that we will continue to see plenty of buyers, especially as it is at roughly the 50% Fibonacci retracement level from the most recent shot higher. Given enough time, I think we will see fresh all-time highs and continue to drive towards the $80,000 level. In fact, at one point, I had a target of $85,000 to the upside, but that was somewhat knocked out as the bullish flag had been invalidated. At this point, it is only a matter of time before we get there, so maybe $85,000 is not high enough? I have no interest in shorting Bitcoin, especially after the move that we just had over the last couple of sessions. This shows real resiliency, something that you must pay close attention to.
At the time of writing, the BTC price stands at $56.900
Based on our forecasts a long-term price increase is expected to be around +62.00%.
- Our option for #BTC is BUY AND HOLD IT.
--> BTC Price Statistics
Bitcoin Price: $56.900
Price Change 24h: $-252.83/-0.44%
24h Low/24h High: $56,375.16/$58,872.88
Trading Volume 24h: $33,203,220,030.24/+8.56%
Volume/Market Cap: 0.031
Market Dominance: 41.53%
Market Rank: 1
Market Cap: $1,071,201,660,669.31/-1.21%
Fully Diluted Market Cap: $1,191,035,862,329.84/-1.21%
Yesterday's Change: +0.9%
Yesterday's Volume: $32,370,840,356.00
Circulating Supply: 18,887,118 BTC
Total Supply: 18,887,118 BTC
90d Low/90d High: $39,787.61/$68,742.31
Bitcoin ROI: 41742.84
It’s important to keep in mind that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours or a few days and even harder to give long-term estimates. As such, analysts and online forecasting sites can get their predictions wrong. We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis , and expert opinion before making any investment decisions. Be patient and look long term wisely and never invest more than you can afford to lose.
Trading & Investing both are the master of RISK.
Please comment, like and follow if it was helpful for you.
Thank you for your time.
Have a profitable day.
| Review and analysis by Samadi.Finance |
Trade active
This is a panic price action before spike.
Remember before any spike and buying flow we always see a panic move down, we call it FEAR LEVEL.
Investors, banks, institutes and big money players use DCA, when they are clearly sure about the value growth in the future.
- Be fearful when others are greedy. Be greedy when others are fearful -
Warren Buffett,
Thank you for your time.