Hello everyone, as we all know the market action discounts everything :)
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Let us start looking at the data starting from July 21, 2021, we are able to notice that the market is moving in phases,
The first phase start on July 21 and ended on September 28 :
The market started getting some great momentum and increase in volume, and the value of bitcoin started increasing and jumped from the 29000 range to the 50000 levels before dropping back down and hitting 38000.
After that, the market seems to move in a side-way movement for a short time period to catch some breath before the second push which happened on The First of October and it's still going on today where the market seems to be catching a breath again before another push.
The price started gaining more momentum and volume again on Oct 1, and the market was able to push from the 39000 level all the way to 68000 zones before dropping down and reaching the middle 50000 range.
by using the same patterns on the screen and checking out Technical Indicators we notice that the market seems to be getting ready for another push soon that will lead the BTC price above the 80000 level and this phase could last up to the end of January 2022.
Technical Indicators on a Weekly Chart shows :
1) The market is only below the 5 MA and EMA (Short-Term Bearish movement) But still above the 10 20 50 100 and 200 MA and EMA (Bullish Long-Term Trend).
2) The RSI is at 60.723 showing Great Strength in the market.
3) The MACD is above the 0 line indicating a Bullish market with a positive crossover between the MACD line and the Signal line.
4) The ADX is at 18.23 near the Trending phase, With a positive crossover between the DI+ (25.56) and DI- (17.88)
Support & Resistance points :
support Resistance
1) 54775 1) 65470
2) 49846 2) 71234
3) 44081 3) 76164
Fundamental point of view :
We notice a lot of news that allows bitcoin to grow even more this year some of them are :
1) El Salvador making Bitcoin Legal Tender, And building Schools, Hospitals and started working om new City called Bitcoin City with 0 Taxes (except VAT TAX)
2) A lot of people starting to receive their Salary in bitcoin, including Mayors from different States in the USA, and a lot of Public Figures are doing the same.
3) Bitcoin Miners are starting to build Energy sources to help power the miners and the city where they are located.
4) Introducing the First Bitcoin ETF.
5) Highly anticipated Bitcoin upgrade got activated(Taproot)
.
.
.
.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Let us start looking at the data starting from July 21, 2021, we are able to notice that the market is moving in phases,
The first phase start on July 21 and ended on September 28 :
The market started getting some great momentum and increase in volume, and the value of bitcoin started increasing and jumped from the 29000 range to the 50000 levels before dropping back down and hitting 38000.
After that, the market seems to move in a side-way movement for a short time period to catch some breath before the second push which happened on The First of October and it's still going on today where the market seems to be catching a breath again before another push.
The price started gaining more momentum and volume again on Oct 1, and the market was able to push from the 39000 level all the way to 68000 zones before dropping down and reaching the middle 50000 range.
by using the same patterns on the screen and checking out Technical Indicators we notice that the market seems to be getting ready for another push soon that will lead the BTC price above the 80000 level and this phase could last up to the end of January 2022.
Technical Indicators on a Weekly Chart shows :
1) The market is only below the 5 MA and EMA (Short-Term Bearish movement) But still above the 10 20 50 100 and 200 MA and EMA (Bullish Long-Term Trend).
2) The RSI is at 60.723 showing Great Strength in the market.
3) The MACD is above the 0 line indicating a Bullish market with a positive crossover between the MACD line and the Signal line.
4) The ADX is at 18.23 near the Trending phase, With a positive crossover between the DI+ (25.56) and DI- (17.88)
Support & Resistance points :
support Resistance
1) 54775 1) 65470
2) 49846 2) 71234
3) 44081 3) 76164
Fundamental point of view :
We notice a lot of news that allows bitcoin to grow even more this year some of them are :
1) El Salvador making Bitcoin Legal Tender, And building Schools, Hospitals and started working om new City called Bitcoin City with 0 Taxes (except VAT TAX)
2) A lot of people starting to receive their Salary in bitcoin, including Mayors from different States in the USA, and a lot of Public Figures are doing the same.
3) Bitcoin Miners are starting to build Energy sources to help power the miners and the city where they are located.
4) Introducing the First Bitcoin ETF.
5) Highly anticipated Bitcoin upgrade got activated(Taproot)
.
.
.
.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.