There have been several analyzes about Bitcoin that have been shared on social networks, some presenting a bullish scenario, others bearish and a few presenting neutral scenarios.
Most want to remain bullish and others, despite being positive, do not dare to enter the market (wise, for the wrong reason?); the few are ready with their finger on the "trigger", prepared to press the "SELL" pending the US $ 6,000 and the bravest are already in the market in long positions, waiting for the BTC price break with a view to objectives above US $ 9,000.
But are you ready to go up and down? Let's find out in my new analysis to Cryptocurrency.
We cannot rule out the fact that it is natural that Bitcoin, after an impulse like yesterday, seeks to rest and consolidate before continuing on its way.
Usually, when this type of movement happens, the price tends to go back a maximum of 60% of its rise. So, as long as, this percentage does not overcome with volume the upward feeling in the short term would still prevail.
However, if the case is that the bearish volume is able to exceed US $ 8,100, then we should prepare for a downward extension, which could well reach the famous and expected US $ 6,000.
In the short term, yes Bitcoin wants to remain on the rise when it should at least be able to stay above US $ 8,751, in order to seek to exceed US $ 9,000. Challenge that, while the volume is not on your side, it will be a titanic task, and of which we should be attentive, because the fight at that level will be key and decisive for the continuity to the upside, or the beating of the bulls.
But, all is not yet lost. BTC, although it continues to recede, still has three levels that could help it stay on the upside move: 8,400; 8,250; and $ 8,000.
Taking as reference the comments in the previous paragraph, the price below US $ 8,751 could tend to go back to the levels mentioned. However, the strongest sales are below US $ 7,900.
Although it is a possibility, I would not pay more attention to these levels and would concentrate on the operation within the upward rejection levels that I mentioned. Only prices below $ 7,900 would be relevant, if the volume of operations is capable of piercing the barrier of US $ 8,000 with a forceful volume. In that case they are already informed of what to expect from the price.
My personal position is price neutrality. The primary trend is bearish, but the secondary trend is struggling to overcome the momentum bass player.
In the long term I would not consider myself bullish, until at least Bitcoin does not exceed US $ 10,000. In the short term I would not consider myself bullish, until the overcoming and maintenance of the price above $ 9,000; and I would not consider myself bearish, until the break of US $ 7,900.
Remember that the most important thing is managing your capital and always enjoy what you are passionate about.
Analysis by Saul Cano of Trade and Hold for Cryptocurrency
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of Cryptocurrency, and should not be attributed to, Cryptocurrency.
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