Bitcoin Price Movement Prediction Based Off Previous Moves
Time to do some analysis on Bitcoin as all markets follow the big bad orange coin.
Ultimately, today's dip seems to be because of a few different factors. But we reached a new all time high today! Thus, volatility is likely.
Of course we'd like to attain a new all time high with positive news. Unfortunately, due to news of Evergrande "defaulting" on their loan, both the stock and crypto markets dropped today.
However, Evergrande did pay back the interest on their loan as well so I think this news of a default is mute. Looking forward to a market recovery tomorrow.
Regarding BTC price movement:
A close below $62,000 and I'll risk off a bit, a close above $65,000 and I'll add a bit to my longs.
When in doubt zoom out!
Happy Trading 🤝
Ultimately, today's dip seems to be because of a few different factors. But we reached a new all time high today! Thus, volatility is likely.
Of course we'd like to attain a new all time high with positive news. Unfortunately, due to news of Evergrande "defaulting" on their loan, both the stock and crypto markets dropped today.
However, Evergrande did pay back the interest on their loan as well so I think this news of a default is mute. Looking forward to a market recovery tomorrow.
Regarding BTC price movement:
- A close above $65,000 likely means resumed uptrend
- A close below $62,000 likely means continued downtrend
- Otherwise, continued chop in the range of $65,000-$62,000 until either end breaks.
A close below $62,000 and I'll risk off a bit, a close above $65,000 and I'll add a bit to my longs.
When in doubt zoom out!
Happy Trading 🤝