Bitcoin's price increase impresses with its ability to appear and disappear at the most unpredictable moment, leaving only a smile or disappointment behind. Currently, the market has turned green, and this is good news.
The current situation is as follows:
The SEC postponed the decision on the ETF's fate for an indefinite period, which caused a wave of positivity. The market often sets up negative scenarios in advance and plays them out in the opposite direction to the news. So, we see now that the wind of hope has reached the market, and it can be a predecessor of a serious correction from the general 2018 trend.
Technically, we'll be able to talk about the reversal of the general trend only after the Bitcoin price settles above 7500.
The price of 7200 may be the goal of the current impulse move. This level is a cross-target of several patterns. The 200-period moving average and the 22-period upper line are situated at this level. At the same time, the 50-day moving average has already been crossed. The boundary of the also passes through this level, and a break thereto is very probable, especially since it does not contradict the global descending movement, and even, on the contrary, it will complete the picture pegging the boundary of the channel.
Let's hope for the best, but we need to be prepared for the worst. This scenario assumes a breakdown from the boundary of the and a further dip to the main support levels. These are 5800, 5380 and, if it comes to the worst, 4800.
Those who are in a long position, are recommended to place stop losses based on 4-hour chart low.
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Market capitalization has not increased. Therefore, we are waiting for confirmation for the growing trend. So far, there is no fundamental certainty.
As information becomes available, we will make a decision on further entering the position. Follow the idea update.
Just to say about the turn of the market will be possible only in the case of the price fixing above 7500.
We recommend buying at 6600 The target is 6840.
Moreover, use several tools. Any Altcoin can be a joker in the pack. We will publish an analysis of Altcoins with targets as soon as the signals are available. Subscribe to updates. Please, be aware that Tradingview provides an opportunity to receive notifications of new publications.