BTCUSDT | Insane Pattern Is Going to Play Out!
Hello, traders!
Let's talk about potential scenario for the Bitcoin price.
FUNDAMENTAL ANALYSIS
First of all you should know what are the reasons of the current correction. As we told in the previous analysis the first dump was due to huge amount of Bitcoins deposited on the exchanges. The supply exceeded the demand and the price went down. After that the price continued to go down because of two reasons:
1. The options for the Bitcoin with the expiration price $56000 expires on March 26th , thus the whales are trying to maintain the price below this level
2. Traditional markets looks not so good, as you remember there is a high correlation with the cryptomarkets.
Now we can see that the Bitcoin reserves is at the minimum, which in conjunction with the options expiration can be the reason of the Bitcoin trend change to the uptrend.
LONG-TERM TECHNICAL ANALYSIS
I found the insane pattern of the Bitcoin price action from January 9th to February 14th. The price have already completed the half of this track. According to this pattern $50000 is the dip which is going to be the extremely strong support. This level is also coincides with the 50-day EMA level, which was the support for the price during all the current bull-run. Another one point is the regular bullish divergence with the MFI.
SHORT-TERM TECHNICAL ANALYSIS
Let's take a look at the current Bitcoin price action. There are the big falling broadening and small narrowing wedges.
Now it looks like the price broke to the upside the small wedge. If this is not a fake breakout the green line can reflect the possible price movement. The next target is the upper band of the big wedge.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Let's talk about potential scenario for the Bitcoin price.
FUNDAMENTAL ANALYSIS
First of all you should know what are the reasons of the current correction. As we told in the previous analysis the first dump was due to huge amount of Bitcoins deposited on the exchanges. The supply exceeded the demand and the price went down. After that the price continued to go down because of two reasons:
1. The options for the Bitcoin with the expiration price $56000 expires on March 26th , thus the whales are trying to maintain the price below this level
2. Traditional markets looks not so good, as you remember there is a high correlation with the cryptomarkets.
Now we can see that the Bitcoin reserves is at the minimum, which in conjunction with the options expiration can be the reason of the Bitcoin trend change to the uptrend.
LONG-TERM TECHNICAL ANALYSIS
I found the insane pattern of the Bitcoin price action from January 9th to February 14th. The price have already completed the half of this track. According to this pattern $50000 is the dip which is going to be the extremely strong support. This level is also coincides with the 50-day EMA level, which was the support for the price during all the current bull-run. Another one point is the regular bullish divergence with the MFI.
SHORT-TERM TECHNICAL ANALYSIS
Let's take a look at the current Bitcoin price action. There are the big falling broadening and small narrowing wedges.
Now it looks like the price broke to the upside the small wedge. If this is not a fake breakout the green line can reflect the possible price movement. The next target is the upper band of the big wedge.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.
Comment:
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