It is forming a new range. I told you 4 days ago the bullish pattern of Bitcoin and it has fulfilled it. Bitcoin has reached 63,000 dollars.
Now it may be repeating bullish pattern to continue to rise.
We will see
Bitcoin is climbing gradually forming ranges.
This is the link of the article in which I analyze the bullish pattern of Bitcoin
It has already made 2 ranges and has broken up and the price may be forming a third range.
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Let's start at
Accumulation channel
1- After each break of the previous channel, Bitcoin hits a high and goes back a little more than 3%.
2- Reinforce the channel by touching its lower and upper limits.
3- Make false breakout price higher, low volume
4- Retest the lower limit of the Bitcoin price in the channel, with good stop volume.
5- Breaks the channel in a bullish way, with an increase in Volume
Current situation
Bitcoin after starting to form a new range has made a false break but quickly the price re-enters the range and touches the upper limit and bounces.
The new bullish channel is forming, we are at moment 2 and 3 with the false break.
Bullish
With a new break to the upside we could touch the all-time high of Bitcoin, where there may be many who were caught buying the high and others who take profits.
But there are still several moments to fulfill.
It should consolidate between the upper and lower limit of the range in the next few days.
Down
You always have to look at different possibilities of the price, although bitcoin in the long term indicates that it is bullish.
There may be a setback marked by the bullish rally that has occurred in recent weeks.
If there is no volume, little interest in Bitcoin can happen that breaks down looking for price support.
The 58000 can be a good resistance.
I will continue analyzing when we find ourselves in this bullish pattern of Bitcoin.
What you think ?
Protect your assets use Stop loss
The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
We will continue monitoring
To be attentive
Protect your Investments
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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.
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