The Big Picture on BITCOIN (All you need to know)
Here is a thourough analysis of the current situation on
BTCUSDT
:
After breaking above the 39250-39500 area ,the bulls are aiming right now to reach the 45900-46900 area .
But despite this recent spike , the longer term consensus is still bearish on bitcoin as long as we are below the 53750 level .
IN OTHER WORDS : Bitcoin is bearish long term as long as we don't close , at any day ,significantly above the 53750 level .
In fact it's only past the 53750 that we can talk of a real bullish trend , a return to the AllTimeHigh and possibly making new ATHs .
Right now all we can talk about is a retracement of the major downtrend (The move from ~69k to ~33k) .In fact the greater probability is a continuation of the major downtrend towards the 21200-21400 area after the end of the retracement , here are the possible scenarios :
Within the current retracement , price will keep trying to break above the 45900-46900 area , If it succeeds at that , it is very likely to continue upwards towards the 51150-53750 area which will act as a support area .If price doesn't break significantly above it then price is very likely to go back down to the 21200-21400 area .
If price succeeds to close significantly above the 53750 ,then , and only then , can we talk of a real bullish reversal and a continuation upwards towards the ATH area (66k-70k) ,which price could break too and head towards the 93.5k-100k .
Fervently brought to you by Manhattan Stocks.
All Requests , Suggestions and Remarks are Welcomed .
BTCUSDT
: After breaking above the 39250-39500 area ,the bulls are aiming right now to reach the 45900-46900 area .
But despite this recent spike , the longer term consensus is still bearish on bitcoin as long as we are below the 53750 level .
IN OTHER WORDS : Bitcoin is bearish long term as long as we don't close , at any day ,significantly above the 53750 level .
In fact it's only past the 53750 that we can talk of a real bullish trend , a return to the AllTimeHigh and possibly making new ATHs .
Right now all we can talk about is a retracement of the major downtrend (The move from ~69k to ~33k) .In fact the greater probability is a continuation of the major downtrend towards the 21200-21400 area after the end of the retracement , here are the possible scenarios :
Within the current retracement , price will keep trying to break above the 45900-46900 area , If it succeeds at that , it is very likely to continue upwards towards the 51150-53750 area which will act as a support area .If price doesn't break significantly above it then price is very likely to go back down to the 21200-21400 area .
If price succeeds to close significantly above the 53750 ,then , and only then , can we talk of a real bullish reversal and a continuation upwards towards the ATH area (66k-70k) ,which price could break too and head towards the 93.5k-100k .
Fervently brought to you by Manhattan Stocks.
All Requests , Suggestions and Remarks are Welcomed .