Bitcoin | Small reversal (shakeout) before the Bull Run

This is a brief analysis of Bitcoin. Since our last analysis on April 29, Bitcoin’s price has risen by over 1000 dollar! The highest price Bitcoin reached was yesterday at a price point of 9485. We don’t see the “real” fomo yet, but it seems this is a small start.

Something interesting that we did mention on the Bitcoin chart is a small pattern that is now forming.

In the graph, you can see that every time Bitcoin has gone up, the price will move sideways for a few days before going down again. If true, Bitcoin's price should meet its target within 72 hours. The chance of reaching the price target between 8000 and 7750 is quite high. When we reach this target, we can expect an increase in the price and we see Bitcoin going to 10K in a short time.

This is of course not 100% guaranteed. When Bitcoin does not go down again but closes a daily candle above 9K, we see this pattern as invalid.

With only 11 days to go before the Bitcoin reward is lowered, it seems pretty decent for Bitcoin.



A short overview:

• We are above the 20 Daily Moving Average (currently at 7434)
  
• We are above the 20 Weekly Moving Average (currently at 7902)
  
• We are above the 200 Daily Moving Average (currently at 7980)
  
• Bitcoin block reward will cut in half in 11 days
  
• Buy signal from the Hash RIbbon
  
• Support levels at: 8600
  
• Resistance zones at 9000
  

Thanks for reading and let me know your expected price targets for the upcoming halving!

Comment:

Looks like we've a rejection from the 9000.. We need to gain 9K (close a daily candle above) before this "shakeout / reversal" pattern becomes invalid.