Market Overview and Bitcoin Price Analysis Short Term (30/12)
BTC Technical Analysis
In the H4 frame, the price has touched the lower edge of the trendline. Coinciding with the BTC long BTC entry that FomoTrade gave the range 16300 - 16500. The MACD and RSI H4 are showing signs of bottom convergence. It is expected that there will be a retracement to the 17200 -17400 zone, this will be a nice area to short.
📈Long
Entry: 16300 - 16500
Stoploss: 16250
Target: 16700 - 16900 - 17200
📉Short
Entry: 17250
Stoploss: 17800
Target: 16000
Market Overview
In a recent analysis, analyst nicknamed TechDev said that the downtrend in the crypto market was started in the second quarter of 2021, rather than the second quarter of 2021 after Bitcoin hit an all-time high. .
It is also evidence that the correction started in the second quarter of 2021 with a break of the uptrend line of the RSI, like previous corrections.”
TechDev thinks the broader market structure is mimicking late 2016 and early 2017. The analyst says Bitcoin tends to follow a global liquidity “cycle.” TechDev suggests that this cycle is depicted by a chart of China's 10-year bond yields (CN10Y) against the US dollar index (DXY).
“The cycle in this chart has a peak-to-peak period of about 3.4 years, formed before Bitcoin even existed. Every local top in CN10Y/DXY has marked a cyclical top for Bitcoin, and every bullish reversal has resulted in a massive impulse for Bitcoin.”
TechDev says the local peaks on the chart have been "descending" since 2014.
“The local top of CN10Y/DXY has been trending lower since 2014. If so it could peak sometime around late 2023 to mid-2024, where the coin market peak would be.”
In the H4 frame, the price has touched the lower edge of the trendline. Coinciding with the BTC long BTC entry that FomoTrade gave the range 16300 - 16500. The MACD and RSI H4 are showing signs of bottom convergence. It is expected that there will be a retracement to the 17200 -17400 zone, this will be a nice area to short.
📈Long
Entry: 16300 - 16500
Stoploss: 16250
Target: 16700 - 16900 - 17200
📉Short
Entry: 17250
Stoploss: 17800
Target: 16000
Market Overview
In a recent analysis, analyst nicknamed TechDev said that the downtrend in the crypto market was started in the second quarter of 2021, rather than the second quarter of 2021 after Bitcoin hit an all-time high. .
It is also evidence that the correction started in the second quarter of 2021 with a break of the uptrend line of the RSI, like previous corrections.”
TechDev thinks the broader market structure is mimicking late 2016 and early 2017. The analyst says Bitcoin tends to follow a global liquidity “cycle.” TechDev suggests that this cycle is depicted by a chart of China's 10-year bond yields (CN10Y) against the US dollar index (DXY).
“The cycle in this chart has a peak-to-peak period of about 3.4 years, formed before Bitcoin even existed. Every local top in CN10Y/DXY has marked a cyclical top for Bitcoin, and every bullish reversal has resulted in a massive impulse for Bitcoin.”
TechDev says the local peaks on the chart have been "descending" since 2014.
“The local top of CN10Y/DXY has been trending lower since 2014. If so it could peak sometime around late 2023 to mid-2024, where the coin market peak would be.”