Warning of Approaching The End of The Short-term Bull Cycle
Hi guys,
Let's go to the weekly chart of Bitcoin, where
BTC
managed to push above the $42,000 level for a few minutes today. The future scenarios for
BTC
are still either a rise to $47,000 or a fall to $34,800, in both cases it will be inevitable to hit the uptrend support line. Also, the 50DMA continues to support
BTC
and the RSI index has risen above 70 again like the previous three bull cycles.
Accordingly, as BJWise, I see the continuation of the bull cycle only if
BTC
remains faithful to the uptrend support line. Bitcoin is now 168% in profit from its last recorded low, which will be a serious warning and alarm for the market and all users to tread more cautiously from now on.
This is not a financial advice and please do your own research.
Goodluck
Let's go to the weekly chart of Bitcoin, where
BTC
managed to push above the $42,000 level for a few minutes today. The future scenarios for
BTC
are still either a rise to $47,000 or a fall to $34,800, in both cases it will be inevitable to hit the uptrend support line. Also, the 50DMA continues to support
BTC
and the RSI index has risen above 70 again like the previous three bull cycles. Accordingly, as BJWise, I see the continuation of the bull cycle only if
BTC
remains faithful to the uptrend support line. Bitcoin is now 168% in profit from its last recorded low, which will be a serious warning and alarm for the market and all users to tread more cautiously from now on. This is not a financial advice and please do your own research.
Goodluck
