Preferred direction: SELL
Comment: Bitcoin, like Gold, remains in the center of attention for all market participants against the backdrop of recording historical highs for these instruments. It should be noted that there is a certain divergence here, since the following principle previously worked: "Metals rise (for example, against the backdrop of tensions in the world), and Bitcoin falls (since it is a high-risk asset and during a period of “tension” in the world, It's not the best investment tool." This also worked in a mirror format, when there is a bull market and demand for metal falls. Therefore, it is very important to do your own analysis and not make decisions entirely based on traditional market “patterns”.
As for the flagship coin, Bitcoin's position is still very strong, and the long-term prospects are quite positive for buyers. Many market participants considered the coin to be overbought, which, in turn, contributed to the renewal of the historical maximum. Today we are considering two main scenarios, which are mainly aimed in favor of the seller, but these are only medium-term prospects (no more). In long-term the coin looks very good. However, within the framework of a long-term re-test of the previous historical maximum (after ~3 years), it is quite normal that the instrument needs to take a “pause” after such rapid growth. And it is assumed that this will not be a long pause.
The scenario №1 assumes the beginning of a downward correction in the very near future. Here, the main “threshold” for a fall is located in the area of 61 000 - 60 000. The scenario №2 assumes falls after updating the maximum; this maneuver would allow “eliminating unnecessary passengers” in the person of sellers who want to sell with increased leverage at the highs. This will be especially effective if events develop quickly. A corrective downward movement is also expected here towards 61 000 - 60 000.
If we consider longer-term prospects, then we also cannot exclude the possibility of a deeper correction, namely towards 50 000. However, even in this case, the picture of the “bullish cycle” does not change, and with a high degree of probability, the instrument will resume growth. At a minimum, it will test the area at the 70 000 level.
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Comment: Bitcoin, like Gold, remains in the center of attention for all market participants against the backdrop of recording historical highs for these instruments. It should be noted that there is a certain divergence here, since the following principle previously worked: "Metals rise (for example, against the backdrop of tensions in the world), and Bitcoin falls (since it is a high-risk asset and during a period of “tension” in the world, It's not the best investment tool." This also worked in a mirror format, when there is a bull market and demand for metal falls. Therefore, it is very important to do your own analysis and not make decisions entirely based on traditional market “patterns”.
As for the flagship coin, Bitcoin's position is still very strong, and the long-term prospects are quite positive for buyers. Many market participants considered the coin to be overbought, which, in turn, contributed to the renewal of the historical maximum. Today we are considering two main scenarios, which are mainly aimed in favor of the seller, but these are only medium-term prospects (no more). In long-term the coin looks very good. However, within the framework of a long-term re-test of the previous historical maximum (after ~3 years), it is quite normal that the instrument needs to take a “pause” after such rapid growth. And it is assumed that this will not be a long pause.
The scenario №1 assumes the beginning of a downward correction in the very near future. Here, the main “threshold” for a fall is located in the area of 61 000 - 60 000. The scenario №2 assumes falls after updating the maximum; this maneuver would allow “eliminating unnecessary passengers” in the person of sellers who want to sell with increased leverage at the highs. This will be especially effective if events develop quickly. A corrective downward movement is also expected here towards 61 000 - 60 000.
If we consider longer-term prospects, then we also cannot exclude the possibility of a deeper correction, namely towards 50 000. However, even in this case, the picture of the “bullish cycle” does not change, and with a high degree of probability, the instrument will resume growth. At a minimum, it will test the area at the 70 000 level.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for boost and share your views!
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Trade closed: target reached
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