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Bitcoin, for the first time, breached $40000, becoming the first cryptocurrency to do so. However, Bitcoin hasn't had a pullback, so for the next few days of Bitcoin will be very interesting.
What we should take note about bitcoin:
-Price has reached $40000, a price area packed with sellers
-Bitcoin's first correction since the cryptocurrencies got hyped is yet to happen
-Bitcoin is in the short-term VERY oversold
-The whole trend is still intact and won't reverse to a full-fledged bear trend
-Candlestick reversal pattern Hanging Man spotted
According to the notes above, Bitcoin may experience a retracement for the next 7 days, then continue up. Look- I am not saying to short your positions. You have to wait for the pullback to happen.
Fundamentally, Bitcoin is still the rage of the whole world. Even my janitor neighbor got a hold of some Bitcoin. And it's not just us holding Bitcoin. Big-time investors, companies, and even governments are secretly hoarding Bitcoin. We can sight on Bitcoin hitting $50 k by the end of the month. Bitcoin is being used more and more every day, and a possibility is that Bitcoin will be used as payment in most restaurants by the end of 2030.
Technical Analysis shows that in the Fibonacci Channel(diagram), the bears make their trade at the 4.236 area, therefore making it a strong resistance line. The MA 50 still holds meaning the bulls are generally in control. A Hanging Man candlestick formation has appeared in today's candle.
So, we end here. Thank you for reading! Make sure to like this post and comment below for your view on this analysis.
Thank you again!
@Trader_ph
Bitcoin, for the first time, breached $40000, becoming the first cryptocurrency to do so. However, Bitcoin hasn't had a pullback, so for the next few days of Bitcoin will be very interesting.
What we should take note about bitcoin:
-Price has reached $40000, a price area packed with sellers
-Bitcoin's first correction since the cryptocurrencies got hyped is yet to happen
-Bitcoin is in the short-term VERY oversold
-The whole trend is still intact and won't reverse to a full-fledged bear trend
-Candlestick reversal pattern Hanging Man spotted
According to the notes above, Bitcoin may experience a retracement for the next 7 days, then continue up. Look- I am not saying to short your positions. You have to wait for the pullback to happen.
Fundamentally, Bitcoin is still the rage of the whole world. Even my janitor neighbor got a hold of some Bitcoin. And it's not just us holding Bitcoin. Big-time investors, companies, and even governments are secretly hoarding Bitcoin. We can sight on Bitcoin hitting $50 k by the end of the month. Bitcoin is being used more and more every day, and a possibility is that Bitcoin will be used as payment in most restaurants by the end of 2030.
Technical Analysis shows that in the Fibonacci Channel(diagram), the bears make their trade at the 4.236 area, therefore making it a strong resistance line. The MA 50 still holds meaning the bulls are generally in control. A Hanging Man candlestick formation has appeared in today's candle.
So, we end here. Thank you for reading! Make sure to like this post and comment below for your view on this analysis.
Thank you again!
@Trader_ph
