As you can see in the chart, In the last few weeks we have witnessed two very strong and Important events:
1- V-Spike Pattern:
Bitcoin dropped about 60% in just 2 weeks and then recovered almost the entire previous drop in less than 2 month.
This move can be considered as a strong bullish sign in the market. Because the bears used all their power to lowering the price but they couldn't break the major support and the price recovered very quickly after that.
2- Fake Break Out:
Formation of this pattern is one of the strongest signs of a bullish market.
As you can see in the weekly time frame, we have an important trend line (red uptrend line) that has broken a few weeks ago. But now the price is again above the trend line and I think we can't break this trend line for the second time because it's super strong now.
with all that said, I see two bullish scenarios for the bitcoin price.
1- Breaking the downtrend line and keep going up. $32,000 is the target for this scenario
2- Rejection from downtrend line, correction to the uptrend line again ($7,500 range) and then continuing the upward move.
I Will Update this analyse in the next few weeks.
1- V-Spike Pattern:
Bitcoin dropped about 60% in just 2 weeks and then recovered almost the entire previous drop in less than 2 month.
This move can be considered as a strong bullish sign in the market. Because the bears used all their power to lowering the price but they couldn't break the major support and the price recovered very quickly after that.
2- Fake Break Out:
Formation of this pattern is one of the strongest signs of a bullish market.
As you can see in the weekly time frame, we have an important trend line (red uptrend line) that has broken a few weeks ago. But now the price is again above the trend line and I think we can't break this trend line for the second time because it's super strong now.
with all that said, I see two bullish scenarios for the bitcoin price.
1- Breaking the downtrend line and keep going up. $32,000 is the target for this scenario
2- Rejection from downtrend line, correction to the uptrend line again ($7,500 range) and then continuing the upward move.
I Will Update this analyse in the next few weeks.
Trade active
Comment:
+100% Profit. 19900 Touched.
Trade active
Trade closed: target reached:
32000 Touched. Congrats!