BTC will have a slight correction before continuing to grow
So Monday has come, this is one of the four important times of the month when the weekly candle is formed. Let's see what last week's candle show.
Within 40 days, we have 3 beautiful green Marubozu weekly candles - a symbol of overwhelming strength of bulls making the whole crypto market extremely excited.
During this time, the capitalization poured into BTC a lot, and the capitalization shifted to other altcoins, such as XRP growing 200%.
Last week, profit-takers and loss-cutters made BTC and Altcoins plunge.
But at the end of the week, we see a green of hope, created by the bottom buying team and the W1 candle closing as a long-tailed Doji.
This Doji includes 2 crowd sentiment
1. Psychology of taking profits when the price hits 20k
2. After the price falls, traders buy at the bottom hoping BTC breaks $20000 in the near future
The 40-day continuous rally shows huge buying volume and the chance that btc will continue to increase is very high.
Anyway, the Doji shows a reversal so we need to be cautious next week.
Short-term timeframe
H1 timeframe, after BTC broke the 18k1 resistance, price continued towards 18k8.
If buying volume is strong enough breaking 18k8, BTC will hit 19k3 very easily.
And since the $3000 correction, BTC will have a slight correction before continuing to grow.
-- And finally, the analysis is for reference only, not investment advice --
Within 40 days, we have 3 beautiful green Marubozu weekly candles - a symbol of overwhelming strength of bulls making the whole crypto market extremely excited.
During this time, the capitalization poured into BTC a lot, and the capitalization shifted to other altcoins, such as XRP growing 200%.
Last week, profit-takers and loss-cutters made BTC and Altcoins plunge.
But at the end of the week, we see a green of hope, created by the bottom buying team and the W1 candle closing as a long-tailed Doji.
This Doji includes 2 crowd sentiment
1. Psychology of taking profits when the price hits 20k
2. After the price falls, traders buy at the bottom hoping BTC breaks $20000 in the near future
The 40-day continuous rally shows huge buying volume and the chance that btc will continue to increase is very high.
Anyway, the Doji shows a reversal so we need to be cautious next week.
Short-term timeframe
H1 timeframe, after BTC broke the 18k1 resistance, price continued towards 18k8.
If buying volume is strong enough breaking 18k8, BTC will hit 19k3 very easily.
And since the $3000 correction, BTC will have a slight correction before continuing to grow.
-- And finally, the analysis is for reference only, not investment advice --
Comment:
