$BTCUSD - It's getting too tight in here
Updated
Hi guys! 👋🏻
🔔 The growing interest in cryptocurrencies might be a result of a weakening US Dollar and the prolongation of the pandemic and restrictions.
🔔 The uptrend of the pair may be supported by the newly applied business operations restrictions in the US amid growing number of COVID-19 cases. As a result the US economy might struggle during the winter and the US Dollar will most likely continue the decline, aggressing the growth of the Bitcoin price.
🔔 Besides the weakening USD there are other factors which may have a weight on Bitcoin’s uptrend, JP Morgan Chase Co.’s long-term Bitcoin price prediction announced on January 5, and the US Banking regulator allowing use of less volatile coins for payments, primarily “proprietary” coins of banks which are bound to the local currency.
🔔 As seen on the chart above, Bitcoin nears a dynamic resistance and if sellers decide to close their positions here, the correction might continue down to $36,385 and $34,440. Active Bitcoin addresses already surpassed the 2017 high, and some analysts say that this may trigger another round of sales as some HODL’ers might consider selling their Bitcoins with profit.
🔔 As we can see, the triangle is way too sharp for the Bitcoin and we might witness something really big in the recent days, I still am bullish on Bitcoin and expecting 45K to 50K if the price remains above the $34 600 support which currently it is.
The alternative scenario as as follows (see the violet line) Though pls bear in mind that these projections are only my thoughts, I'm not a prophet, eh.))
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 The growing interest in cryptocurrencies might be a result of a weakening US Dollar and the prolongation of the pandemic and restrictions.
🔔 The uptrend of the pair may be supported by the newly applied business operations restrictions in the US amid growing number of COVID-19 cases. As a result the US economy might struggle during the winter and the US Dollar will most likely continue the decline, aggressing the growth of the Bitcoin price.
🔔 Besides the weakening USD there are other factors which may have a weight on Bitcoin’s uptrend, JP Morgan Chase Co.’s long-term Bitcoin price prediction announced on January 5, and the US Banking regulator allowing use of less volatile coins for payments, primarily “proprietary” coins of banks which are bound to the local currency.
🔔 As seen on the chart above, Bitcoin nears a dynamic resistance and if sellers decide to close their positions here, the correction might continue down to $36,385 and $34,440. Active Bitcoin addresses already surpassed the 2017 high, and some analysts say that this may trigger another round of sales as some HODL’ers might consider selling their Bitcoins with profit.
🔔 As we can see, the triangle is way too sharp for the Bitcoin and we might witness something really big in the recent days, I still am bullish on Bitcoin and expecting 45K to 50K if the price remains above the $34 600 support which currently it is.
The alternative scenario as as follows (see the violet line) Though pls bear in mind that these projections are only my thoughts, I'm not a prophet, eh.))
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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