Bitcoin has been one of the major assets which has been expected to enter in the Bear market in these days. Every trader who research a little bit on the Bitcoin can see the constant fear imposed by the content creators that we are going to enter in the bear market before reaching out global all time high.
At the moment, the Fear & Greed index for Bitcoin is 76 which is a good improvement for BTC.
Historical data is suggesting that the bear market is at the door and almost every person is ready to book profits to be prepared for the upcoming Bear Market.
But we are also aware of the fact in trading that if everyone is expecting something, that think is most likely not going to happen. The market does a major move when no one is expecting.
Recently, BTC has broken a major supply level recently ranging from 51.5k - 53k, a Cup and Handle on the chart can also be noticed which broke the supply zone following a big upward move.
Rather you call this a manipulation or a natural move, either way it has been imprinted on the charts. In order to analyze the movement better, we must look at the volume of breakout. Still at the moment, the breakout volume was not high as expected.
Volume analysis is indicating the increase in volume in upcoming days, but in order to determine rather this volume is going to be buying volume or selling volume, the previous supply zone will play a major role.
If the retest of this broken Cup and Handle fails, it will be followed by lots of liquidation of Longs along with panic in the market which can be harmful for the market. Similarly a good retest with increase in buying volume will act as the push to send the BTC to its new all time high.
I am personally bullish on bitcoin for the time being but I will be waiting for the retest and volume before I make any final decision since we have seen lots of fake-outs recently and I would rather loose some potential profits instead of increasing my risk.
At the moment, the Fear & Greed index for Bitcoin is 76 which is a good improvement for BTC.
Historical data is suggesting that the bear market is at the door and almost every person is ready to book profits to be prepared for the upcoming Bear Market.
But we are also aware of the fact in trading that if everyone is expecting something, that think is most likely not going to happen. The market does a major move when no one is expecting.
Recently, BTC has broken a major supply level recently ranging from 51.5k - 53k, a Cup and Handle on the chart can also be noticed which broke the supply zone following a big upward move.
Rather you call this a manipulation or a natural move, either way it has been imprinted on the charts. In order to analyze the movement better, we must look at the volume of breakout. Still at the moment, the breakout volume was not high as expected.
Volume analysis is indicating the increase in volume in upcoming days, but in order to determine rather this volume is going to be buying volume or selling volume, the previous supply zone will play a major role.
If the retest of this broken Cup and Handle fails, it will be followed by lots of liquidation of Longs along with panic in the market which can be harmful for the market. Similarly a good retest with increase in buying volume will act as the push to send the BTC to its new all time high.
I am personally bullish on bitcoin for the time being but I will be waiting for the retest and volume before I make any final decision since we have seen lots of fake-outs recently and I would rather loose some potential profits instead of increasing my risk.
Comment:
On 1 Hour Timeframe, Bitcoin broke upward from its trendline resistance but failed to sustain that level pushing the price downward once again, it is safe to assume that a retracement in Bitcoin is due till early 50s and the successful retest of those level is the key factor in deciding the next trend
Comment:
Target 1 Achieved