Good morning guys
Bitcoin took back the crown and sat on the throne.
I would like to talk a little about the set of events that have been unleashed in recent months.
In previous reviews I discussed at length what halving is and what it brings with it, we talked about the pre halving setbacks that always happen in bitcoin based on fundamentals, in addition to historical PA.
Without a doubt, the market has been different since 2017. The P.A is directly manipulated by the settlements of the different platforms that offer leverage.
In my extensive analysis of halving (published in November 2019) I defined halving as a key point to start the bull markets in bitcoin. Composed of cycles that lead the market to excel.
Historical Bitcoin behavoir during the pre and post halving. From 2011 to 2021.
https://ibb.co/MGx8B00
Pre-halving retrace #1
https://ibb.co/vjWVY6M
Pre-halving retrace #2
https://ibb.co/rZ8vYzN
Based on the price history, always after having an ATH we get a pre-halving high (Currently $ 13,175) which has been a historical bear trap. Reviewing the behavior of bitcoin since 2011.
Following the pre-halving high we obtain quite significant retracements in the price, called pre-halving retracements. Ours happened on March 16, 2020, leading us to 3,600 in a sharp fall. Followed by our beloved halving that happened in the mid-8500s just over 30 days later.
After that, as we explained in our analysis of the halving in 2019. On June 1 we had our first strong bullish impulse, and after the retrace we came in a strong uptrend worth noting.
Aiming for a new ATH and completion of the current bitcoin cycle November 2021.
We are currently resting on the support of 11600 (where there was a CME GAP that was missing to fill in, it is worth noting) In the 4-hour chart we have hidden bullish divergences, in addition to the EMA20 supporting us and a few bullish indicators. But at this point I think the most important thing to study is the volume, the technical indicators are not very helpful in these P.A. However I think we can get more out of bullish positions.
Swimming into the highlighted channel to create a bit of consolidation doesn't seem like a crazy idea to me. Going down a little to 11450. However it will not happen if we manage to hold the price at the current point of 11600, this would lead us to 12300 and 13000.
From the bearish side 11400 and 10400 look good as targets, just in case we don't hold up.
Pay attention to this moment, we could get a winning position, holding or dropping the current point (If we are looking for a short term trade)
Bitcoin took back the crown and sat on the throne.
I would like to talk a little about the set of events that have been unleashed in recent months.
In previous reviews I discussed at length what halving is and what it brings with it, we talked about the pre halving setbacks that always happen in bitcoin based on fundamentals, in addition to historical PA.
Without a doubt, the market has been different since 2017. The P.A is directly manipulated by the settlements of the different platforms that offer leverage.
In my extensive analysis of halving (published in November 2019) I defined halving as a key point to start the bull markets in bitcoin. Composed of cycles that lead the market to excel.
Historical Bitcoin behavoir during the pre and post halving. From 2011 to 2021.
https://ibb.co/MGx8B00
Pre-halving retrace #1
https://ibb.co/vjWVY6M
Pre-halving retrace #2
https://ibb.co/rZ8vYzN
Based on the price history, always after having an ATH we get a pre-halving high (Currently $ 13,175) which has been a historical bear trap. Reviewing the behavior of bitcoin since 2011.
Following the pre-halving high we obtain quite significant retracements in the price, called pre-halving retracements. Ours happened on March 16, 2020, leading us to 3,600 in a sharp fall. Followed by our beloved halving that happened in the mid-8500s just over 30 days later.
After that, as we explained in our analysis of the halving in 2019. On June 1 we had our first strong bullish impulse, and after the retrace we came in a strong uptrend worth noting.
Aiming for a new ATH and completion of the current bitcoin cycle November 2021.
We are currently resting on the support of 11600 (where there was a CME GAP that was missing to fill in, it is worth noting) In the 4-hour chart we have hidden bullish divergences, in addition to the EMA20 supporting us and a few bullish indicators. But at this point I think the most important thing to study is the volume, the technical indicators are not very helpful in these P.A. However I think we can get more out of bullish positions.
Swimming into the highlighted channel to create a bit of consolidation doesn't seem like a crazy idea to me. Going down a little to 11450. However it will not happen if we manage to hold the price at the current point of 11600, this would lead us to 12300 and 13000.
From the bearish side 11400 and 10400 look good as targets, just in case we don't hold up.
Pay attention to this moment, we could get a winning position, holding or dropping the current point (If we are looking for a short term trade)