Hi friends hope you are well and welcome to the new update on Bitcoin (BTC).
Massive Bitcoins outflow:
Almost a month ago I shared Bitcoin price analysis, in which I was showed that there is a massive outflow of Bitcoins from different exchanges to the different private wallets, and as result of this massive Bitcoins transfer, there can be massive surge in Bitcoin price.
https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-outflow-total
By the way if you missed the aforementioned analysis, then you can watch the below video:
Daily wedge breakout:
While massive outflow of Bitcoins at the same time, the priceline of the leading cryptocurrency also broke out a falling wedge pattern on a daily time frame, and the technical target for this break out was $31000 and the price surged more than 31800.
https://www.tradingview.com/x/ooiNIjoC/
A bullish harmonic move:
Before breaking out the above falling wedge pattern, on a 4-hr time frame chart, the priceline of the king of all cryptocurrencies also formed a harmonic bullish reversal Gartley pattern, and after the formation of this move the price surged more than 25%. By the way I shared this harmonic move as below:
https://www.patreon.com/posts/84398736
After the price surge:
For detailed analysis, you can also watch the below video:
Bitcoin inflows to exchanges:
On 13th of July 2023, more than 68000 Bitcoins inflow was observed from different wallets to the different exchanges, and as a result, the price dropped more than 9% within next 18 days.
https://markets.chainalysis.com/#trading-inflows
Huge wedge breakout:
We need to keep in mind that Bitcoin has already broken out a huge falling wedge pattern on a weekly time frame, and after this breakout priceline is forming higher highs and higher lows. The technical target for this break out is approximately $70000.
https://www.tradingview.com/x/ohrDjNod/
Conclusion:
Recently we have seen more than 9% drop in Bitcoin price that is a result of BTC inflows to the different exchanges. But still there is a very high probability, that after forming another higher low the priceline of Bitcoin move up to form another higher high very soon.
For daily trading signals you can follow the below links to join the membership:
https://www.patreon.com/moon333
https://www.youtube.com/@moon333/membership