SCENARIOS FACING THE BITCOIN REBOUND
Image courtesy of: Mohamed Hassan
Greetings dear members of #ProjectHope, in this opportunities we will be addressing the behavior of Bitcoin in the face of speculations related to the price movement, which in my understanding is something more of manipulation of large investors that move the price of crypto assets.
At this point for no one it is a secret that the Bitcoin price range is well defined in the exchanges, but there is still room for new breaks and current projections are in function of mimicking the behavior of gold according to analysts who follow has both assets.
So if we analyze the charts, we realize that Bitcoin rose to new multi-month highs on January 20 when analysts predicted a new trading range above $18 000 and according to Cointelegraph Markets Pro and TradingView data show evidence of BTC/USD with supports at $21 000.
However, beyond these price speculations, doubts about the fundamental strength of the current rally continue and warning signs remain latent, although we can observe how Bitcoin continues to avoid major corrections, with analysis of exchange order books showing $23,000 as the next major resistance area to break.
According to expert analyst opinion, BTC is illiquid below $18,000 and above $23,000 as there is currently a lack of sentiment around these levels, likewise some analysts state that this move has not yet confirmed a solid breakout so bullish investors should move with caution.
Consequently, the soundest mechanic is to wait for BTC to break hard through the $21,400 resistance and test the support and at that point evaluate the stock in terms of the bullish scenario to come. Although the scenario is still uncertain, we will continue to evaluate the behavior of the main asset in the world of cryptocurrencies, referring to Bitcoin.
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greetings @madridbg _
if there is any doubt that these movements that bitcoin has had in its price has left a good feeling at least in the market that is recovering, however as you mention it has not reached a reference price and solid in its price to be calm, all this indicates to operate with more caution but without having soft hands.
It will be good to see BTC on the bullish run again. We keep watching for now. Thanks for posting.
Wonderful analysis and I think it will test support and after that testing We will see further bitcoin positive move. I think bitcoin trend is changed towards positive direction so it is not going to test 15$ k again and it seems likeimpossible thing.
I also believe there would be a major reversal of BTC to below 20k before any bullish movement. My instincts though, Let’s observe the coming weeks to see what it will offer
Hi @madridbg
How have you been lately? Finally I've found some time to catch up with Steemit and read some of my previously bookmarked posts :) It is good to be back
Let me start by saying: another interesting choice of topic. Solid read (upvoted already).
IT seem that we both see recent pump as a result of market manipulation.
I do expect solid rallies during current bear market. And BTC going all the way to 30k usd (only to crash again heavily) would not surprise me at all at this stage.
I would not expect any long-term recovery as long as everyone's eyes are on inflation and FED. As long as they will continue fighting with inflation by destroying economies and financial markets (by increasing and then keeping interest rates on high level) I would consider any sort of BTC rally to be short-term lived.
Have a great day ahead of you :)
Cheers, Piotr
Greetings dear friend, the current bullish scenario presented by the market has not filled an emotionally bullish scenario, when we all know that they are usually manipulations designed to make us end up losing our money.
The support and resistance zones are already marked and from 23k to 28k there seems to be not enough liquidity, hence I would expect the rally you mention, taking into account that the monthly chart still shows no signs of upward strength so the fall will be much stronger.