Here Is Why BITCOIN Is Still Printing A Circle Of Mixed Signals!

Hello Traders Investors And Community, as I already mentioned in previous analysis about bitcoin current price action we have good bullish signs on the short-term-perspective and can expect some up-move these days, however, this is only a side of the medal, the overall trend is still very very weak and we have a bunch of resistance lines above the current price-actions. As I told you we can expect some rallies firstly to the 7400 range and after that, we can get a possible continuation to the 38.2 % resistance cluster when we do not get a bearish pull-back so soon, therefore, we have to remain the bullishness we have seen the last days. Friends, it has to be remembered that this is only a short-term perspective and does not fill the complete whole big-picture of the remaining bitcoin price-action, it is always highly important to look from different angles and perspectives to have a full-depth-overview. We need to elevate ourselves above the mere speculation so many people today falling into and look at the market with a clear and rational head, therefore, I recommend that you read the whole analysis and also check out the ideas I published before. Great friends, we are looking at the daily perspective and as we see the overall bitcoin price is still trading in an underlying consolidation which you can see currently between the EMAs seen in my chart, this consolidation phase is bullish on the short-term so we can expect a breakthrough to the upside above the current dark-red 55-EMA. But there is still heavy resistance when we manage the breakthrough we will run into these heavy resistance levels, these are firstly the 38.2 % Fibonacci-resistance and what is also highly important the falling red-resistance line you can watch in my chart. These levels serve as important resistance-clusters which can drag bitcoin down again when the supply is high enough! The pull-back in this level can be small or high depending on the remaining strength of the bears at that level but what is a fact is that the pull-back will come with a high possibility, what will be positive in that upcoming situation is that the pull-back can be traded successfully on the short-side, after the pull-back came we have to look if bitcoin establishes to continue its up-trend. What is also important at the moment is the MACD which is showing concrete bullish signs we have the K-line crossing the D-line and remaining above the D-line that is a good bullish factor which provides the MACD right now, as we saw the breakdown from 7300 to 6500 we were close to a bearish crossover in the MACD but that doesn't happen which is currently giving the MACD indicator a bullish edge. What is also a good sign right now is the stochastic RSI which had a bullish crossover which normally signaling a bullish reversal of the trend and can be applied for trend and trading signals on smaller time-frames. Now looking at these facts we can see an overall bullish edge which is remaining on the small-term perspective, with small-term I mean 3-7 days, on the middle-to-long-term-perspective we are still in an overall big consolidation phase which is completed when either the black up-trendline you see in my chart crossed to the downside or the red down-trendline crossed to the upside. For now, both scenarios remaining possible as we are approaching higher this is still a weak rally and the trend can go to the downside every moment especially when the corona-measures and lockdown increasing again. For a clear bullish big-picture we firstly have to take out the remaining strong-resistance line you see in my chart before that we can't say for sure if the trend is continuing to rise the next weeks and months. My friends this is currently indeed an important situation for bitcoin because we are determining the next outcomes bitcoin has to face, currently the stock market and global economy is in a heavy bear market but there are remaining anticyclical investments such as armor, pharmacy, and food. Bitcoin and the cryptocurrency market could also be an anticyclical investment especially as we saw bitcoin declining from 2017 to 2018 and the stock market growing, also the investors who are hedging in the cryptocurrency market can be an indication for this scenario, this scenario, however, must be confirmed rightfully otherwise bitcoin and the cryptocurrency market can go down with stocks and the rest of economy as well!

Thanks for watching my analysis, feel free to support, all the best and have a good day!
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Information provided is only educational and should not be used to take action in the markets.