Hello buddies, hope you all are doing well.
Let's talk about Bitcoin price analysis, I'll try to keep this update as short as possible as easy to understand so let's dive into it.
As you can spot a rising wedge pattern in a chart, the price keeps moving in it. We can take this as a neutral pattern because sometimes it's been a bullish pattern and sometimes completely opposite so for now, we will watch as a neutral one.
In this chart, this pattern can lead price in any direction depends where it break on the upside or downside. I didn't mention one direction of price because honestly, I don't want to give you fake hope.
I added the possible target of price in both directions so if you see a breakout you can assume that price range. ( price can go even higher or low depends how strong the trend will).
Please watch the chart and draw the same on your device and keep monitoring that.
OTHER MAJOR THINGS AM CURRENTLY LOOKING AT
21 WEEKLY MOVING AVERAGE
one important factor of every bull market is 21 WEEKLY MOVING AVERAGE which is currently at near 48000$
- in every bull cycle this moving average act as a strong support
- in every bull cycle when the price hit this, it went higher than expected
- if price come to near this moving average it becomes the good entry point to ride the rest of run
On the other hand, if the price closes below this average then it is a sign of reversal in market.
------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL MARKET CAP
Total market cap is another important factor to pay attention to.
total market cap drives the complete crypto market. While writing this it sitting at 2.43$ trillion which is a sign of strong money in the market. But keep in mind it's at the peak of the channel in a chart which can be a reversal sign in market cap. If we see any bearish movement then that will be a confirmed sign of reversal or possible correction in the market. Am telling this because just want to grab your attention towards this in case you are missing this factor.
So that's it for today's idea, it's my personal thought on the market and not financial advice. It's about to give you a picture and scenarios of the current market.
Please do like and follow for my small effort :)
Let's talk about Bitcoin price analysis, I'll try to keep this update as short as possible as easy to understand so let's dive into it.
As you can spot a rising wedge pattern in a chart, the price keeps moving in it. We can take this as a neutral pattern because sometimes it's been a bullish pattern and sometimes completely opposite so for now, we will watch as a neutral one.
In this chart, this pattern can lead price in any direction depends where it break on the upside or downside. I didn't mention one direction of price because honestly, I don't want to give you fake hope.
I added the possible target of price in both directions so if you see a breakout you can assume that price range. ( price can go even higher or low depends how strong the trend will).
Please watch the chart and draw the same on your device and keep monitoring that.
OTHER MAJOR THINGS AM CURRENTLY LOOKING AT
21 WEEKLY MOVING AVERAGE
one important factor of every bull market is 21 WEEKLY MOVING AVERAGE which is currently at near 48000$
- in every bull cycle this moving average act as a strong support
- in every bull cycle when the price hit this, it went higher than expected
- if price come to near this moving average it becomes the good entry point to ride the rest of run
On the other hand, if the price closes below this average then it is a sign of reversal in market.
------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL MARKET CAP
Total market cap is another important factor to pay attention to.
total market cap drives the complete crypto market. While writing this it sitting at 2.43$ trillion which is a sign of strong money in the market. But keep in mind it's at the peak of the channel in a chart which can be a reversal sign in market cap. If we see any bearish movement then that will be a confirmed sign of reversal or possible correction in the market. Am telling this because just want to grab your attention towards this in case you are missing this factor.
So that's it for today's idea, it's my personal thought on the market and not financial advice. It's about to give you a picture and scenarios of the current market.
Please do like and follow for my small effort :)
